Jordan Belfort, notorious for his financial adventures in the 1990s and known as the “Wolf of Wall Street,” recently offered an intriguing insight into the world of cryptocurrencies in a conversation with Jason Raznick, CEO of Benzinga. Revealing a diverse portfolio, Belfort discussed his relationship with Bitcoin (BTC), Ethereum (ETH), and his views on non-fungible tokens (NFTs).
In the past, Belfort has not hidden his skepticism about cryptocurrencies, classifying them as “insanity, mass illusion”. However, the outlook for him has changed, especially with regards to Bitcoin and Ethereum. He explained, “Initially, my resistance was based on manipulation in the early cryptocurrency markets, but I now see Bitcoin as an elegant solution and a robust store of value.” This change in perception is in line with the increase in institutional interest, despite the volatility that still surrounds these assets.
“I think Ethereum potentially has all of these use cases. But that said, I still don’t know what those use cases are. And I think Bitcoin has really established itself now, at least as we see from all this rush to get, you know, bigger institutions to create ETFs. And there’s been a lot of institutional sponsorship coming in. And I think it’s a great leading indicator for Bitcoin, let alone Ethereum. However, I would do it. I definitely think Ethereum is legit. I don’t think Ethereum is a scam.”
When asked about NFTs, Belfort maintained his critical tone, recalling offers he received to launch his own NFTs, something he declined due to doubts about their long-term value. He commented, “I never sold. For example, as you can imagine, I was often offered to make wolf NFTs, right? And I could have quickly made 20, $30 million off of that, but I never did. I came very close to trying, like, I would investigate, I would come close to doing it. But then every time I got to the. In the end zone, I would say, I just don’t see how it won’t be a disaster. In the end, it didn’t find a legitimate use case. You know, how would it maintain its value? And I saw other people, some very respected people who made about $5.1 billion.”
In the penny stock market, Belfort sees most as “trash” but recognizes rare success stories. He suggests caution and advises investors to focus on companies’ fundamentals, rather than getting carried away by inflated prices. Furthermore, he defends the idea of diversifying investments, preferring long-term index funds, such as those in the S&P 500.
Belfort promises to discuss these topics in more depth in his upcoming book, “The Wolf of Investing,” designed to guide investors through the challenges of Wall Street.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/lobo-de-wall-street-revela-seu-portfolio-de-criptos-e-potencial-de-investimento/
