Jordan Belfort, famously known as the Wolf of Wall Street, recently said that he was wrong about Bitcoin
During a recent interview, Belfort said Bitcoin is a solid long-term play.
“At the time that I hated crypto, I stand by everything I said about crypto in 2017 except for one thing. I was wrong about Bitcoin going to zero,” he said.
Today, the penny stock trader believes that Bitcoin is a solid long-term play.
“I think the issue right now is you have to look at Bitcoin and not take a 12-month or 24-month horizon. With good luck, I think if you take a 24-month horizon, you’ll almost certainly make money, maybe not, but I think if you take a three-, four-, five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals, I believe, are solid.
There’s a limited supply and as inflation does keep going and going and going, at some point in time, there’ll be enough maturity with Bitcoin where it starts to trade more like a store value and less like a growth stock.”
Along with Bitcoin, Belfort says that his second choice for long-term investment is the leading smart contract platform Ethereum (ETH).
At the time of writing, Bitcoin is trading for $21,237, while Ethereum is changing hands at $1,370.