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Bitcoin is going to evaporate, says ‘Wolf of Wall Street’

Jordan Belfort, aka, the “Wolf of Wall Street” believes that Bitcoin, the top-ranked cryptocurrency is going to evaporate. The former penny-stocker broker who was pleaded guilty to fraud charges in 1999 is no stranger to espousing negative rhetoric about Bitcoin and the cryptocurrency market in general.

All the Makings of a Scam

Speaking to CNBC as part of a documentary titled “Bitcoin: Boom or Bust,” Belfort expressed his staunch belief that BTC investors were heading for a sad end. According to Belfort, BTC is the next great scam that would render many people penniless after the bubble bursts. During the interview, the Wolf of Wall Street also said:

I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin. The whole thing is so stupid, these kids have gotten themselves so brainwashed.

Belfort maintains that the BTC fraud plays into the modern-day world where the Internet has become a tool for manipulation. According to the former penny-stock broker, many ICOs are empty schemes doomed to fail which is why the United States Securities and Exchange Commission is right to take a hard-line stance against such offerings.

Bitcoin will Evaporate

As for Belfort, he believes that BTC doesn’t have long left to last, saying:

This thing [Bitcoin] is going to evaporate like a mirage. There’s a lot of really honest people who are going to get slaughtered.

The Long Island-based Stratton Oakmont chief also predicted that BTC would be dead within a year. According to Belfort, BTC’s death will echo across the globe describing it as “the bust heard around the world.”

These comments aren’t the first BTC obituary issued by Belfort. Speaking during a Facebook video in June, Belfort said BTC would soon be dead. At the time, the top-ranked cryptocurrency was in the midst of a significant decline, and Belfort jumped on the doomsday bandwagon predicting the end of the road for the popular virtual currency.

Belfort has also aimed at the ICO ecosystem before, labeling the fundraising method as ‘the biggest scam’ in 2017. Belfort isn’t the only notable Wall Street crypto critic. Others like Jamie Dimon of JPMorgan and Warren Buffett of Berkshire Hathaway have also made similar proclamations on multiple occasions in the past. The ‘Oracle of Omaha’ once described BTC as ‘probably rat poison squared.’

Do you agree with Belfort’s negative view about the future of Bitcoin? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.

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Bitcoin Will Soon Be Dead, Says Wolf of Wall Street

Jordan Belfort, aka, the “Wolf of Wall Street” believes the demise of Bitcoin is imminent. Speaking via Facebook video, Belfort said Bitcoin’s price struggles in 2018 signal the beginning of the end for the top-ranked cryptocurrency. He advised “hodlers” to get out now before the inevitable crash. Despite his negative stance of BTC, Belfort declared that Blockchain, the technology behind BTC and other cryptos, held immense promise.

The End is Near for Bitcoin

cryptocurrency prediction

According to Belfort, the multiple price dips experienced in June 2018 show that BCT is approaching its “final days.” The Wolf of Wall Street went on to say that a major crash that would decimate the perceived value of the crypto was imminent. Belfort also drew upon his past; his stock market manipulation indictment, to show why BTC is heading for disaster. According to him, the perceived value of Bitcoin fell into the category of “the greater fool theory.” He accused permabulls like John McAfee of deceiving the cryptocurrency community with false promises saying:

The only reason why they’re doing that is because they’re trying to get more suckers in. To create unrealistic price projections at ridiculous values.

Bitcoin Technology is Flawed

One prominent sticking point for Belfort is the fact Bitcoin’s technology is flawed. According to him:

Everything is wrong with it [BTC]. There’re too many fundamental flaws with it, and [the] bottom line is, get out if you don’t want to lose all your money.

Despite his negative sentiments toward BTC, Belfort acknowledged that blockchain technology held immense promise. He encouraged viewers to move their attention from BTC to blockchain technology, saying that there were a few cryptocurrencies that had real utility.

Belfort argued that Bitcoin held no real utility, saying that if BTC owned and licensed blockchain technology, then the situation would be entirely different. This isn’t the first time that Belfort has come hard against BTC and cryptocurrencies in general. In September 2017, he agreed with Jamie Dimon that BTC was a “fraud.” Belfort took things a step further the following month, calling ICOs “the biggest scam ever.”

Bitcoin Ownership is Likely to Increase

In a related development, a recent survey by Dutch banking behemoth, ING, shows that interest in BTC is likely to increase. According to the study, ten percent of Europeans currently own crypto. Also, a further 16 percent intend to acquire coins soon. The survey covered 15,000 respondents spread out over 13 different countries.

Such is the increasing popularity of the market that 15 percent of those surveyed said that they were open to being paid in BTC.

Do you agree with Jordan Belfort’s claim that Bitcoin’s end is near? Let us know your views in the comment section below. This statistic is incredibly profound given that cryptos are notoriously volatile. Commenting on the survey, Jessica Exton of ING said:

Cryptocurrency remains an abstract investment for many, but there may be more appetite for digital currencies than some might suggest.

Based on the results of ING’s latest survey, Belfort’s outburst might be nothing more than FUD. Time will tell whether Bitcoin will become the currency of the future, like Steve Wozniak and Jack Dorsey believe, or whether it will come to a bad end like Warren Buffett, Bill Gates, and all the other crypto critics believe.

Image courtesy of Ethereum World News archives and CoinMarketCap.

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Bitcoin is Not Dead, Says Brian Kelly

Brian Kelly of BKCM LLC remains bullish on Bitcoin despite the steady decline experienced in 2018. Speaking to CNBC yesterday (June 22, 2018), Kelly boldly declared that Bitcoin isn’t dead yet. The top-ranked cryptocurrency has plunged by more than 65 percent since the start of the year.

“Sentiment is Approaching the Lows”

According to Kelly, the negative sentiment in the BTC is approaching the lows. Thus, a revival is right around the corner. He dismissed the idea that Bitcoin was dead, highlighting several factors that have contributed to the dip in BTC prices since the start of 2018. The BKCM boss identified the tax selloffs and crypto exchange hacks as part of the reason for the negative sentiment of retail traders in the market.

Brian Kelly / Courtesy: CNBC

Kelly also highlighted the fact that despite the BTC price decline, Bitcoin is still more valuable than it was a year ago. In June 2017 BTC was trading at $2,500 which is still miles away from the lows being experienced in the market at present.

Mt. Gox Civil Rehabilitation Means No More Selloffs from Tokyo Bitcoin Whale

Kelly also referenced the recent development in the Mt. Gox bankruptcy case. A Tokyo District Court issued a ruling yesterday that the company was to halt criminal bankruptcy proceedings and move into civil rehabilitation. Thus, the remaining BTC held by the defunct Bitcoin exchange bankruptcy trust will be divvied up among its creditors.

While in civil rehabilitation, the Mt. Gox trustee, Nobuaki Kobayashi, will be unable to offload any more BTC. Kobayashi dubbed the Tokyo Bitcoin whale, has been accused of contributing to the decline in BTC prices due to his massive selloffs. Based on the tentative schedule released by the company, the civil rehabilitation process will begin in 2019. Thus, traders can rest easy, knowing that the Tokyo Bitcoin whale isn’t striking any time soon.

Bitcoin Futures Not to Blame for Price Decline

As part of his BTC price analysis, the BKCM chief refuted the idea that the emergence of futures played a part in the BTC price decline. According to Kelly, Bitcoin futures trading hasn’t reached a level to impact the market price significantly.

Also, trading in the futures market is cash-settled so there ought not to be any negative liquidity implications on BTC on account of its futures market. The emergence of the CME and Cboe BTC futures coincided with the rapid ascent of prices seen in mid-December.

Bitcoin Will Rebound in 2019

In a related development, Todd Gordon of Tradinganalysis.com expects BTC to bounce back in 2019. In a telephone chat with CNBC yesterday, Gordon revealed that he wasn’t shocked by the way BTC has declined in 2018 saying:

It [the BTC price drop] was part of the plan. I expected Bitcoin to drop below $5,000, shake out a lot of longs, [and create] a lot of discouragement. I think the technicals will kick in around the $3,000 or $4,000 mark.

Gordon predicted that BTC would be back above $10,000 in February 2019.

Do you agree with Kelly that Bitcoin is not dead? What factor(s) do you think are responsible for the current BTC price decline? Let us know your views in the comment section below.

Image courtesy of the CoinMarketCap and Ethereum World News archives.

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