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

The infamous stockbroker who inspired the movie The Wolf of Wall Street admits that he was wrong about his stance on Bitcoin (BTC).

In 2018, Jordan Belfort said that crypto is just a scam to make money. He warned that people could lose all their investments on Bitcoin, but in a new interview, he says that his views have changed.

7:03 “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.”

He says that Bitcoin could even serve as a long-term hedge against inflation.

“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.”

The flagship cryptocurrency is also Belfort’s top crypto pick for long-term investment, followed by Ethereum (ETH).

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