THE real Wolf of Wall Street, Jordan Belfort, warned the bitcoin bubble will burst and hurt 'honest people' who invested in the cryptocurrency.
Jordan Belfort, also known as the wolf of Wall Street, warned bitcoin and other cryptocurrencies investments will eventually damage honest people the most when the bubble will burst. In an interview with BBC One Panorama, Mr Belfort said that despite most people being “smart” and aware of the risks of the cryptocurrency world, honest people who jumped on the crypto-bandwagon will lose out. He said: “The people who will lose the most at the end of the game are the honest people.
“The ones who are getting there because they’ve been sold the bill of goods, they believe, and these are not stupid people, many of them are smart people, they’re not naive even.“It’s just human nature to jump on the bandwagon, it’s what every great bubble is made of and they’ll call this the greatest bubble of all time.“The ones at the end of the day that typically get slaughtered the most are the average mums and dads.”
“If you are in the middle of the crypto game right now and you’re looking to make money – the guys who are committing the fraud – the only way to do it is to issue a new currency at the bottom and ride it up.
“But they need to do that, to keep issuing new cryptos, they have to keep bitcoin up high enough so people still believe in cryptocurrency.“They create the illusion of prosperity – this is what I did at Stratton – you keep the old ones up high enough so people still believe in the overall system and launch the next one, and that’s where they make their money.”Bitcoin price went down 50 per cent from its highest value of $20,000 reached in 2017. According to Coindesk at 10:41 am on February 13 bitcoin price is $8,497.41.