Convicted broker Jordan Belfort thinks Bitcoin is going to “evaporate” – and it may happen this year…
Bitcoin has another naysayer to its name, thanks to a new interview that’s been run with former broker Jordan Belfort.
Belfort is most famous for being the subject of the Martin Scorsese movie The Wolf Of Wall Street. In the film, he was played by Leonardo DiCaprio, and the movie itself was based on the book that Belfort himself wrote. Belfort, if you’re unfamiliar with his story, rose from nothing to extreme wealth, and swiftly started heading back the other way. He was ultimately arrested, and served the best part of two years in prison for his financial crimes, as he persuaded people to invest in worthless stocks.
“I was a scammer. I had it down to a science”, Belfort admitted in a new interview with CNBC. His interview came as part of a documentary the network aired, and Belfort added “it’s exactly what’s happening with Bitcoin”.
“The whole thing is so stupid”, he went on to explain. “These kids have gotten themselves so brainwashed”. By kids, he’s referring to retail investors, who have been tempted to invest in cryptocurrency.
Belfort didn’t go into great deal as to why he wasn’t a particular fan of Bitcoin, but he’s adamant as to where he believes it’s heading. “This thing is going to evaporate like a mirage”, he insisted in his interview. “There’s a lot of really honest people who are going to get slaughtered”.
He thinks it may go pop quickly, too, suggesting that Bitcoin may very well go bust before the end of 2018. It’s an extreme view to take, and not one with many people siding with it. But there’s little doubt that Manafort believes it.
His interview can be found here.