Posted on

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.

Girl in a jacket

loading…

Posted on

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.

loading…

Posted on

The 'Wolf of Wall Street' Thinks ICOs Are a Scam

Initial coin offerings (ICOs) are the “biggest scam ever,” according to Jordan Belfort, better known as the “Wolf of Wall Street.”

Speaking at an interview with the Financial Times, the promotional speaker, former financier and convicted stock fraudster said that he expects projects utilizing the blockchain funding model – through which cryptographic tokens are sold in order to fund a newly developed network – will “blow up in so many peoples’ faces.”

Noting his own involvement with financial fraud, Belfort claimed that what’s happening around ICOs today is “far worse than anything I was ever doing.”

Belfort plead guilty to money laundering and stock manipulation charges in 1999, going on to write about his experiences in “The Wolf of Wall Street” (which later became an Academy Award-winning film starring Leonardo DiCaprio).

He went on to say:

“Promoters are perpetuating a massive scam of the highest order on everyone. Probably 85 percent of people out there don’t have bad intentions, but the problem is, if five or 10 per cent are trying to scam you, it’s a disaster.”

Belfort’s comments come weeks after he threw his support behind JPMorgan Chase CEO Jamie Dimon, who declared that, in his view, bitcoin is a “fraud” that will ultimately be targeted by regulators. Speaking with TheStreet in late September, Belfort said he that agreed with Dimon’s assessment.

“Sooner or later, a central bank or a consortium is going to issue their own cryptocurrency and that’s what will take hold,” he said at the time.

Image via YouTube

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Posted on

Bitcoin Critic Jordan Belfort Takes Aim for ICOs – ‘The Biggest Scam’

Previously, the very prominent figure – “Wolf of Wall Street” Jordan Belfort had called Bitcoin ‘fraud’ and supported Jamie Dimon’s critique towards the ‘Golden Coin’ while now he turned his eye towards Initial Coin Offering naming them: ‘The Biggest Scam Ever’.

From his point of view, the virtual currencies will take a place in society only when they are supported by a central gov.

“The biggest problem I see with bitcoin – why I would never buy it – is that they could steal them from you. They hack into your phone…I know people who lost all their money like that.”

His main criticism is that of a decentralized currency which would run independent from any central authority:

 “[Any] currency [is] always air I guess, when you think about it…But this [bitcoin] is specifically being backed by nothing other than a program that creates artificial scarcity. It seems bizarre to me that it can ever really be sustainable.”

A radical new form of fundraising, ICOs are essentially the sale of cryptographic tokens as by startups in exchange for financing via cryptocurrencies like bitcoin and ether to fund early-stage startup development. Earlier in September, decentralized storage project Filecoin raised $257 million, an ICO record. According to one tracker, ICO fundraising in 2017 has topped $3 billion, so far.

Jordan Belfort, a former Wall Street penny-stock broker who plead guilty to stock market fraud, has opined that the current craze surrounding ICOs is going to end in a way that will “blow up in…people’s faces.

It is the biggest scam ever, such a huge gigantic scam that’s going to blow up in so many people’s faces. It’s far worse than anything I was ever doing.

An aggressive promoting strategy is going on by the ICO promoters while following the “pump and dump” boiler room tactics.

“Promoters [of ICOs] are perpetuating a massive scam of the highest order on everyone,” Belfort said. “Probably 85% of people out there don’t have bad intentions, but the problem is, if five or 10 percent are trying to scam you, it’s a ** disaster.”

ICOs did get compared by Belfort to the “blind pools” in the 1970s and early 80s when brokerages raised funds from  investors or traders without any disclosing where the raised capital will be spent.

Everyone and their grandmother wants to jump in right now. I’m not saying there’s something wrong with the idea of cryptocurrencies, or even tulip bulbs. It’s the people who will then get involved and bastardise the idea.

Read Also:

Posted on

Another Critic Adds up on Bitcoin’s List – Jordan Belfort “Fraud”

Jamie Dimon previous critic naming Bitcoin a fraud has been joined by another prominent figure: the “Wolf of Wall Street” Jordan Belfort.

Jordan Belfort has echoed recent comments from JP Morgan CEO Jamie Dimon who asserted that bitcoin is ‘fraud‘, in a conversation with The Street. “I think he’s right,” Belfort stated, agreeing with Dimon’s much-publicized comments. “I don’t think that it is a great model.”

From his point of view, the virtual currencies will take a place in society only when they are supported by a central gov.

“The biggest problem I see with bitcoin – why I would never buy it – is that they could steal them from you. They hack into your phone…I know people who lost all their money like that.”

Belfort, now an author and motivational speaker, plead guilty to stock market fraud in 1999 and spent 22 months in prison as a part of his plea agreement. Belfrot’s memoir ‘The Wolf of Wall Street’ was adapted into a Hollywood movie directed by Martin Scorsese in 2013.

His main criticism is that of a decentralized currency which would run independent from any central authority:

 “[Any] currency [is] always air I guess, when you think about it…But this [bitcoin] is specifically being backed by nothing other than a program that creates artificial scarcity. It seems bizarre to me that it can ever really be sustainable.”

According to the ‘Wolf’ it is a matter of time before a central bank or a consortium introduces its own cryptocurrency which is truly going to hold.

“I’m not saying that you should or shouldn’t buy bitcoin. What I’m saying is I personally myself would be very very careful about investing a lot of money in something that could vanish very quickly.”

Read Also:

– For more Cryptocurrency market related Updates and News Follow us on our Facebook and Twitter pages.
Posted on

'Wolf of Wall Street' Jordan Belfort: Jamie Dimon is Right About Bitcoin

JP Morgan CEO Jamie Dimon got support from an unlikely source today – Jordan Belfort, better known as the “Wolf of Wall Street.”

Speaking with TheStreet, Belfort said that he believes Dimon is right about his assertion that bitcoin is fraud, telling the news outlet: “I don’t think it’s a great model.”

That said, Belfort – who plead guilty to stock fraud and money laundering in 1999 and went on to write a book called “The Wolf of Wall Street” (later made into a film) – doesn’t think cryptocurrencies won’t exist in some form or another necessarily.

“I’m not saying cryptocurrencies, there won’t be one – there will be one – but there has to be some backing by some central governments out there,” he told the publication.

He added:

“Sooner or later, a central bank or a consortium is going to issue their own cryptocurrency and that’s what will take hold.”

His criticisms later shifted to the cybersecurity risks around holding bitcoin, as well as the fact that the code underlying the cryptocurrency, rather than any central authority or institution, controls the issuance of new coins in the system.

“I’m not saying you should or shouldn’t buy bitcoin, but [what] I’m saying is I personally, myself, would be very, very careful about investing a lot of money in something that could vanish very quickly,” he concluded.

Jordan Belfort image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.