Wolf of Wall Street Jordan Belfort Says He Was Wrong About Bitcoin, Names Two Crypto Assets for Long-Term Plays

The original Wolf of Wall Street, Jordan Belfort, says Bitcoin (BTC) has performed beyond his expectations.

In a new interview on Yahoo Finance’s the Crypto Mile, the infamous stockbroker who inspired the movie The Wolf of Wall Street says he’s not a fan of most cryptocurrencies.

“At the time that I really hated crypto, I stand by everything I said about crypto in 2017 except for one thing. I was wrong about Bitcoin going to zero.”

In 2018, Belfort said that there’s “no good reason” why digital assets should exist, other than as a scheme to make money.

Today, the penny stock trader believes that Bitcoin is a solid long-term play.

“I think the issue right now is you have to look at Bitcoin and not take a 12-month or 24-month horizon. With reasonable luck, I think if you take a 24-month horizon, you’ll almost certainly make money, maybe not, but I think if you take a three-, four-, five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals, I believe, are really strong.

There’s a limited supply and as inflation does keep going and going and going, at some point in time, there’ll be enough maturity with Bitcoin where it starts to trade more like a store value and less like a growth stock.”

Along with Bitcoin, Belfort says that his second choice for long-term investment is leading smart contract platform Ethereum (ETH).

At time of writing, Bitcoin is trading for $21,237, while Ethereum is changing hands at $1,370.

https://www.youtube.com/watch?v=j8bd2paHyds

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