Jordan Belfort, the “Wolf of Wall Street” himself, is not a fan of Bitcoin. He confirmed as much in his recent interview with Patrick Bet-David, who then posted about their conversation on Facebook on Jan. 31. According to the post made by the entrepreneur, Belfort has expressed that while he does not think Bitcoin (BTC) is a scam, it remains to be a “perfect storm for manipulation.”
He also believes that the price movement of the cryptocurrency—which he referred to as the creation of “financial anarchists”—is but an offshoot of all the wild speculation going around it, mostly because people are improperly using it. “Something [BTC] was designed to be used as a currency, and it’s being used as an investment vehicle […] As a currency, Bitcoin is no more useful at $20,000 or $100.”
Belfort also warns against the crypto market’s vulnerability to manipulation because of how thin it is. He specifically made reference to Olaf Carlson-Wee, an early BTC adopter who enjoyed being paid in Crypto from Coinbase in 2013. According to Belfort, Carlson-Wee sold all his Bitcoin and loaded up on Bitcoin Cash (BCH), after which he gave a televised interview to basically proclaim that Bitcoin is dead and BCH was the way of the future. Consequently, prices skyrocketed.
While there is no clear record of Carlson-Wee ever making the claim that he sold all of his Bitcoin for BCH, there is an existing proof of interview wherein he talked about Ethereum, which certain Reddit users took to mean as that Carlson-Wee will be shifting all his holdings to Ether instead.
Ironically, the Wolf of Wall Street characterizes Bitcoin as a “wolf in sheep’s clothing”. However, it “might still go to $50,000” first before finally falling to an inevitable zero.
Belfort has a known history of incredulity towards Bitcoin. In September 2017, he claimed that the Bitcoin’s problem was its vulnerability to hacking. Then in October, he called the ICOs as the “biggest scams ever.” Asked by Bet-David if he’s ever invested in cryptocurrency, Belfort replied, “not a penny.”