Skip to content

Wall Street Wolf says Bitcoin could hit $ 50,000 before crashing

Jordan Belfort, famously nicknamed the "Wall Street Wolf", once again put in doubt Bitcoin, this time in a video interview with entrepreneur Patrick Bet-David, posted on Facebook of Bet-David on January 31st.

Belfort told Bet-David that he did not believe that Bitcoin (BTC) was a scam, referring to this as the creation of "financial anarchists". He thinks, however, that the way cryptocurrency was built is a "perfect storm for manipulation".

Belfort thinks that the price rise of BTC can be attributed to wild speculation because of what he considers to be a misuse of cryptocurrency:

" Something [BTC] was designed to be used as currency, and it is used as an investment vehicle […] As a currency, Bitcoin is no longer worth $ 20,000 or $ 100. "

Belfort spoke negatively of the potential manipulation of the encryption markets due to the thinness of the market, particularly the case of Olaf Carlson-Wee, one of the first users of BTC that has was paid in crypto when he worked at Coinbase in 2013.

According to Belfort, Carlson-Wee sold all his Bitcoin, bought Bitcoin Cash (BCH) and then gave a TV interview saying that BTC was dead and that Bitcoin Cash was the future, which drives up his price.

CT could not confirm that Carlson-Wee ever mentioned having emptied all of his BTC for BCH, although he gave an interview to CNBC about Ethereum that some Reddit users misinterpreted as Carlson-Wee moving all his funds to Ether.

Belfort predicts that although Bitcoin is, in his terms, a "wolf in sheep's clothing", it could also "go up to $ 50,000" before it is certain that he will fall to zero.

See also  Price Analysis, October 28: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin

In September 2017, Belfort had declared that Bitcoin was problematic because of the potential ease for hackers to steal virtual currency. In October, he commented that the IFAs were the "biggest scams ever".

Belfort told Bet-David that he had invested "not a dime" in cryptocurrency.