Jordan Belfort, whose biography inspired the 2013 hit film “The Wolf of Wall Street,” remarked that he would be “shocked” if Bitcoin investing did not become lucrative within the next three to five years.
On the new Yahoo Finance show The Crypto Mile, the guy whose memoir inspired the Martin Scorsese film (starring Hollywood actor Leonardo DiCaprio) recommended investors to view Bitcoin as a long-term hedge against economic instability.
Jordan Belfort has not always been sympathetic to the predicament of the world’s most popular cryptocurrency. In 2018, he said that Bitcoin is based on the Great Fools Theory and that investors should abandon the system to prevent losing their entire investment.
Bitcoin achieved intraday highs of $20,431 in the last 24 hours before reversing course. According to CoinMarketCap data from Wednesday, the largest cryptocurrency by market capitalization is currently trading at $20,021, down 0.70 percent in the last seven days.
Jordan Belfort: Bitcoin Has a High Potential for Growth
Jordan Belfort, now an author and public speaker, advises Bitcoin investors to hold their assets for at least 36 months, noting that this form of asset is likely to appreciate during this time.
“If you look out three or five years, I would be amazed if you didn’t make money since Bitcoin’s fundamentals are so strong,” he remarked.
Betting on protocols with long-term underpinnings is one of the two types of crypto investments described by Belfort.
The other option is to put a little amount of money into crypto enterprises with extremely low market capitalizations and the potential for large rewards if invested early.
The Wolf of Wall Street predicts that Bitcoin will reach $100,000 before the end of the year.
Following the previous year’s bull market in the spring, Belfort revised his projection and predicted that the asset’s value would reach $100,000 by the end of the year.
He praised Bitcoin’s scarcity and predicted that as inflation rises, the cryptocurrency will “begin to trade more like a store of value and less like a growth stock.”
According to the Wall Street figure, the success of certain Bitcoin traders may be down to “luck.” He added that if the odds are in their favor, investors will almost surely profit from their Bitcoin investments.
According to Glassnode data, June was Bitcoin’s worst-performing month in the preceding 11 years. Furthermore, BTC had its worst quarterly performance, shedding nearly 60% of its value during the second quarter of the current year.
Jordan Belfort is bullish about cryptocurrency. However, he warned investors that major price losses and periods of extreme volatility could occur in the coming years.