The self-proclaimed “Wolf of Wallstreet,” Jordan Belfort, foresees Bitcoin reaching $100,000. He has moved away from his bearish views on digital gold. Belfort remarks about Bitcoin in an interview with Fortune that traders were “collectively pumping up these stocks” he, however, insists there is “no dump.” Bitcoin is Pure Supply and Demand: Jordan Belfort Belfort, previously a Bitcoin critic, now believes that cryptocurrencies hold advantages over stocks. Unlike company stocks, Bitcoin is more about “pure supply and demand.” He further added that the crypto asset is “free from the distortion of effectively printing more of your own corporate currency.” Meanwhile, in comparison with the company stocks, Belfort concludes that the crypto asset’s limited supply is advantageous over shares. The former penny stock trader argues that: “if a stock stays up too long, the company keeps printing shares.” and this continuing issuance of shares will lead to dilution of value. On the other hand, the cryptocurrency “does not have the equities’ problem that high prices tend to bring on more supply (thus) turning the surge into a swoon.” What Made Belfort Change His Mind On asking Belfort about his changed mindset about Bitcoin he mentioned that the fixed supply of the crypto-assets is one of the chief reasons and the key is their “advantage over company stocks.” He further added: “New investors will keep pumping the price, but the rush of new shares that deflates a soaring stock can’t happen.” Back in 2017, when the crypto asset surpassed $19,000, Belfort, who was in prison for approximately two years for deceiving small investors out of $200 million, predicted that “bitcoin would crash and go away forever.” The former penny stock trader then argued that regulators “would nix the coins.” However, after looking at the crypto-bull, crypto assets are all set to reach another all-time high. Belfort says he “now believes it’s here to stay since a fatal regulatory onslaught hasn’t happened.”
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