News JVTech “I wouldn’t touch crypto right now, even with a 3 meter pole” The Wolf of Wall Street gives his opinion
While the cryptocurrency sector is going through a difficult period, successful ex-trader Jordan Belfort gave a clear opinion on the situation. For him, the context is not very encouraging and strongly advises against investing in virtual assets at the moment.
The Real Wolf of Wall Street gives his thoughts on FTX’s collapse
The recent collapse of the FTX cryptocurrency buying and selling platform prompts reactions from several personalities.
Jordan Belfort, the former American stockbroker whose story was adapted and played by Leonardo DiCaprio in the movie “The Wolf of Wall Street” directed by Martin Scorsese in 2013, spoke on the topic of cryptocurrencies. Ex-trader convicted of large-scale financial fraud in 2003, the conclusion is clear: “FTX was a scam”.
As a reminder, Belfort became famous for running a brokerage firm, Stratton Oakmont, which was accused of massive stock fraud and market manipulation. He was sentenced to several years in prison and had to pay more than $100 million in restitution to his victims. Thus the businessman knows his subject well…
Converted into a YouTuber under the pseudonym The Wolf of Wall Street, Jordan Belfort has been repeatedly asked by his subscribers to give his opinion on the matter.
“…so here’s my first opinion: FTX was a scam and there was no way to protect against a scam of this magnitude…” he explained in a recent video.
A mixed attitude towards cryptos and NFTs
However, in this same video titled “My Current Crypto Update!”, the trading star issued a more in-depth statement about the state of Bitcoin and other cryptocurrencies today.
“…but just because FTX itself was a scam doesn’t mean you should completely despise Bitcoin and say it will go to zero and the same for Ethereum. What I mean is that outside of these two cryptocurrencies, I literally wouldn’t want to touch crypto right now, even with a 10-foot pole.”
Thus, Jordan Belfort continues to believe in the value of the first two cryptocurrencies in the market ranking. In particular, the former trader compares these two cryptocurrencies to giants like Amazon after the Internet bubble of the 2000s.
In this logic, he indicated that he continued to buy, and this despite the fall in prices, in order to hope to make a nice capital gain in “5 to 10 years”. However, according to him, other cryptocurrencies are not necessarily worth it.
In addition, The Wolf of Wall Street took the opportunity to touch on NFTs, where these famous real estate tokens have seen a depreciation due to the fall of cryptos. For him, the market has potential, but on the “virtual property” aspect above all. He laments the frantic turn the NFT market has taken by offering works that are overpriced for what they really were:
“The stuff that came out made no sense, it was a joke. So I wanted to stay away from it until we get some clarity on what NFTs actually are,” concludes Jordan Belfort.