Famous stockbroker and investment consultant Jordan Belfort, whose life inspired the movie “The Wolf of Wall Street”, expressed that he would be shocked if Bitcoin investments fail in the medium term.
Convicted by US courts of market fraud and manipulation in 1999, Jordan Belfort now runs crypto and NFT workshops. Jordan Belfort, whose memoirs are the subject of the movie "The Wolf of Wall Street" directed by Martin Scorsese, advised investors to buy Bitcoin in the long term against inflation and economic instability in Yahoo Finance's new program The Crypto Mile.
Belfort recommended that Bitcoin investors keep their investments for a minimum of 36 months, emphasizing that the probability of Bitcoin gaining in value during this time is strong. The Wall Street wolf says he believes the limited supply of Bitcoin in the long run makes it the most valuable investment vehicle at the end of the day.
Famous advisor: “In the three or five-year term, the fundamentals of Bitcoin are pretty solid, I would be surprised if you don't make any money.” said. Belfort advised investors on long-term, well-established protocols or crypto startups with low market capitalization.
In 2018, he claimed that Bitcoin was built on the “Great Fools Theory” and that investors should exit the system in order not to lose all their money. Belfort said he admitted he was wrong when asked about his past comments. Belfort:
"Bitcoin will become a store of value in the long run, but investors need to be careful in volatile market conditions."
According to analysts, ever-increasing inflation could reduce demand for cryptocurrencies as consumers have to spend more to make a living. Bitcoin emerged in the midst of high inflation following the 2008 Global Financial Crisis and was touted as an inflation hedge due to its stable supply and scarcity. However, BTC has lost this function in recent years, as it has been highly correlated with technology stocks and has lost value in an environment of high inflation. According to experts, dynamics in the global economy need to change for a permanent recovery in BTC.