Jordan Belfort, the self-proclaimed “Wolf of Wall Street,” has moved away from his bearish views on Bitcoin and now predicts the crypto asset could hit $ 100,000. Belfort, who has reinvented himself as a motivational speaker and advisor, says that, unlike company stocks, Bitcoin is more about “pure supply and demand.” He adds that the crypto asset is “free from the bias of effectively printing more of your own corporate currency”.
Bitcoin’s fixed supply sets it apart from stocks
Belfort’s remarks on Bitcoin (BTC) were made during an interview with Fortune in which he gave his opinion on the recent Reddit-inspired price rally for Gamestop stock. While some observers have viewed the Gamestop price rally as another form of pump and dump, Belfort disagrees. Although he admits that dealers “pump up these stocks together”, he insists that there is “no dump”.
Compared to company stocks, Belfort concludes that the fixed offer of the crypto asset gives it an advantage over stocks. The former penny stock trader argues, “If a stock stays active too long, the company will keep printing stocks.” However, this continued issuance of shares will dilute the value.
Bitcoin, on the other hand, “doesn’t have the stock problem that high prices tend to bring in more supply (and so make the surge swoon”).
Belfort is now bullish on Bitcoin
Regarding why he turned his back on a bitcoin bear, Belfort again points to the firm offering of the crypto asset as its key “edge over company stocks”. He adds:
New investors will keep pumping the price, but the rush of new shares that drains a rising stock cannot happen.
In 2017, when the crypto asset topped $ 19,000, Belfort, who was jailed for nearly two years for fending off $ 200 million small investors, predicted that Bitcoin would crash and “go away forever.” “Would. The former penny stock trader argued at the time that the regulators “wouldn’t do anything to the coins”.
However, after seeing the crypto asset hit a new all-time high, Belfort says that he “now believes it will stay here as no fatal regulatory attack has taken place”.
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