Amid market confusion over the recent Indian Finance Minister Budget Speech, we look into this Wolf of Wall Street Bitcoin Outlook. Can his forecast be accurate?
2 February, AtoZForex – The Wolf of Wall Street Jordan Belfort, has shared his latest outlook in regards to Bitcoin with the public. Earlier in October 2017, Mr. Belfort has been warning the community against the complications of investing in initial coin offerings (ICOs).
Wolf of Wall Street Bitcoin Outlook: $50,000 Before the Drop?
This time, Jordan Belfort, the author of the book “Wolf of Wall Street” has shared his long-term outlook for Bitcoin. Mr. Belfort has stated that he does not think Bitcoin itself is a scam. Reportedly, Mr. Belfort has referred to Bitcoin as the creation of “financial anarchists.”
However, he also stated that the method this cryptocurrency was created reflects the “perfect storm for manipulation”. He also added that the increasing price of Bitcoin can be linked to the wild speculation. He sees the reason for speculation as an inappropriate way of using cryptocurrency. He has added:
“Something was designed to be used as a currency, and it’s being used as an investment vehicle As a currency, Bitcoin is no more useful at $20,000 or $100.”
Is cryptocurrency market manipulated?
Mr. Belfort has also stated he believes there is a potential for manipulating the cryptocurrency markets due to the thinness of it. He has quoted the case of Olaf Carlson-Wee, one of the early Bitcoin adopters. According to Belfort, Carlson-Wee has sold all of his Bitcoin holdings and invested in Bitcoin Cash. Then, he has publicly stated that Bitcoin Cash is the currency of the future, thus causing the price of BHC to rise. However, this case is not confirmed officially.
Mr. Belfort has stated that he believes Bitcoin is a “wolf in sheep’s clothing.” He also added that it might “go to $50,000” before eventually falling down to zero.
Recent Belfort’s Bitcoin comments come in line with those from September. That time, he has stated that Bitcoin was problematic due to the potential ease for hackers to steal cryptocurrency. He also mentioned that he did not invest anything in cryptocurrency market.
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