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Wolf of Wall Street Jordan Belfort has changed his mind about Bitcoin in recent years.
Jordan Belfort said he will be “shocked” if the strategy of investing in Bitcoin (BTC) does not prove profitable in the next three to five years.
Belfort is now an author and speaker. He originally found fame when the film that narrates his trajectory in the financial market, The Wolf of Wall Street, went blockbuster.
Belfort gave his vision about the largest cryptocurrency in the world in an interview with Yahoo Finance. Optimistically, Belfort advises BTC holders to hold their positions for a minimum of 36 months, stating that the asset has a good chance of rising again during this period.
“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of Bitcoin are really strong.”
Wolf of Wall Street Now Supports Bitcoin
The iconic former investment broker was not always a fan of Bitcoin. He once agreed with Bill Gates’ view that the asset would be based on the Biggest Fool Theory. Earlier, he even recommended that investors sell their positions before losing all their capital.
However, the cryptocurrency appears to have won Belfort’s heart during its latest bullish cycle. Belfort noted that BTC would be a good store of value and protection against inflation. The New Yorker even predicted that the cryptocurrency would reach $100,000 in 2021, something that didn’t materialize.
Despite this, the Wall Street figure remains confident in relation to the asset. But, he warned investors that strong drops and periods of high price volatility could occur in the coming years.
In this sense, he emphasized that Bitcoin is still a very new asset. Because of this, it would be common for the cryptocurrency to suffer large price fluctuations and correlate with the stock market and other variable income investments.
The Dangers of the Crypto Market
Despite encouraging Bitcoin holders not to abandon their positions, the Wolf of Wall Street has indicated some precautions that should be taken in relation to other cryptocurrencies. For him, many investors are “being massacred” due to the lack of care and research that must be done before investing in a project.
Belfort comments that only projects that prove to be useful should receive investments. He previously caused controversy by claiming that the creators of the Shiba Inu (SHIB) should be in jail.
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