“I Learned From FTX, I Don’t Mess With Others Except Bitcoin and This Altcoin”
Jordan Belfort, both the movie and the book, talked about cryptocurrencies. Jordan Belfort, known as the Wolf of Wall Street, who commented on the current state of the market after the bankruptcy of FTX, explained which cryptocurrencies are safer in this environment.
Belfort said in a YouTube video that he will not approach cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH) after the crypto crash following the bankruptcy of FTX.
“Other than these two cryptocurrencies—they are Bitcoin and Ethereum—I would not approach crypto given the current state of the market.”
Although the famous stockbroker distinguishes BTC and ETH from other cryptocurrencies, he thinks that a small part of the portfolio should be allocated to crypto investments.
“I believe your Bitocin or Ethereum investments should represent a very small portion of your overall investment portfolio. In other words, I wouldn’t recommend investing the majority of your money there. Best investment is to buy the S&P 500, truly one of the ultra low cost mutual funds or ETFs investing in Vanguard.”
Speaking about investors investing in cryptocurrencies other than BTC and ETH, Jordan Belfort said, “Looking at the current market, now is typically the worst time to sell. Selling when everything is at the bottom is panicking and selling at the worst possible time.” said.
“Deciding whether to sell what you have now really depends on going step-by-step, looking at the fundamentals of each coin, each coin. When deciding whether to sell something you have, go back to the time you bought it and ask, ‘What were my reasons for making this purchase? Why did I buy this?’ and based on these reasons, it is necessary to ask the questions ‘So, are my reasons still sound, are they still logical?’ and act according to their answers.”
Leave a ReplyWant to join the discussion?
Feel free to contribute!