Jordan Belfort Says Bitcoin Could Hit $50K Before Crashing

Jordan Belfort, known conversationally as the Wolf of Wall Street, has again cast doubt on Bitcoin, this time in a video interview with entrepreneur Patrick Bet David, posted on Bet David's Facebook Jan. 31. Belfort told Bet David that he does not believe Bitcoin itself is a fraud, referring to it as the creation of fiscal anarchists. He does think, however, that the way the cryptocurrency was built is the perfect storm for manipulation. Belfort believes that the rising cost of BTC could be credited to rampant speculation because of what he sees as improper utilization of the cryptocurrency: Something As a currency, Bitcoin is not any longer useful at $20, 000 or $100.

Belfort spoke negatively about the capacity for manipulating crypto markets thanks to the thinness of the marketplace, especially referencing the case of Olaf Carlson Wee, an early adopter of BTC who had been paid in crypto when working at Coinbase in 2013. According to Belfort, Carlson Wee sold all his own Bitcoin, purchased Bitcoin Cash and after that gave a televised interview stating that BTC was dead and that Bitcoin Cash was the future, causing its price to skyrocket. CT couldn't confirms that Carlson Wee ever mentioned dumping all his own BTC for BCH, although he did give an interview to CNBC about Ethereum that some Reddit users misinterpreted that Carlson Wee moving all his holdings to Ether.

Belfort forecasts that while Bitcoin is, in their own words, a wolf in sheep's clothing, in addition, it might go to $50, 000, before what he's sure will be its eventual fall to zero. In Sept 2017, Belfort had said that Bitcoin was debatable due to the potential ease for hackers to steal virtual currency. In October, he commented that the ICO had been the greatest scams ever. Belfort told Bet David he had invested not a penny, in cryptocurrency.