Bitcoin will crash close to zero: 'Wolf of Wall Street' Jordan Belfort
‘Way of the Wolf’ author Jordan Belfort explains why the lack of scarcity of bitcoin -- and the readily available forms of other cryptocurrencies -- will ultimately decrease its value close to zero.
Bitcoin’s epic rise during 2017 has added to the heated debate over the future of the cryptocurrency. Gemini co-founders Tyler Winklevoss and Cameron Winklevoss, were early investors in bitcoin and they consider the cryptocurrency to be the new gold.
Cameron Winklevoss told FOX Business’ Maria Bartiromo, “We think bitcoin is gold 2.0, it’s a store of value.”
Others, such as Kaltbaum Capital Management President Gary Kaltbaum, have warned about bitcoin. Kaltbaum told FOX Business’ Charles Payne on Thursday, “I have in my hands here the BIC highlighter, it is worth more than a bitcoin.”
Jordan Belfort, the real-life ‘Wolf of Wall Street’ and author of ‘Way of the Wolf,’ is also in the camp warning investors about bitcoin. Belfort told Payne on “Varney & Co.” that the concept of bitcoin’s scarcity is a myth.
“This idea of scarcity with bitcoin is completely false because what happens when you have something like cryptocurrencies, they all trade in one giant basket. So, while there might be only 21 million bitcoin, every time they create a new cryptocurrency there’s more cryptocurrency.”
According to Belfort there is no value to bitcoin.
“It’s a bubble and I promise you, and you’re right it could go to $50,000, it could go to $100,000, but I’m certain at the end of the day it will end up close to zero, that’s the bottom line.”
Belfort doesn’t see bitcoin itself as a scam, but he does not see it becoming mainstream either.
“People are essentially taking these basically worthless instruments and pumping them up with a story that it’s the next great thing. This is never going to be a mainstream currency, it’s not going to be, there’s too many problems with bitcoin.”