The Wolf of Wall St Agrees with Dimon? Huh?
Jordan Belfort has come out and said he agrees with Jamie Dimon. Well, only to some extent it would seem. (Thanks for the clickbaity title Coin Desk!).
He is quoted as saying:
"I don't think it's a great model."
That quote taken on it's own sounds a bit dumb to me, but here's what else he had to say:
"I'm not saying cryptocurrencies, there won't be one – there will be one – but there has to be some backing by some central governments out there," he told the publication.
This is a bit more Interesting, I used to think this too if I'm honest. But not so much anymore. He further states:
"Sooner or later, a central bank or a consortium is going to issue their own cryptocurrency and that's what will take hold."
I think this is probably true, that governments will issue their own blockchain powered/upgraded currencies, I'm sure there was an article today or yesterday that mentioned Japan working on making it's own Crypto-Yen? (Maybe it was another country?) But that will still likely leave room for plenty of other currencies/tokens won't it? I mean, unless the Crypto-YEN is built on a foundation similar to that of Ethereum, they're not going to be putting Ethereum to bed any time soon.
"I'm not saying you should or shouldn't buy bitcoin, but [what] I'm saying is I personally, myself, would be very, very careful about investing a lot of money in something that could vanish very quickly," he concluded.
That's a fair comment I feel, but I would've thought someone like Jordan, who used to have a very high tolerance for risk, might have been more in favor of something that is still (seemingly) out of left field for a lot people.
Meanwhile...
Another article from Coin Desk today, states that Mike Novogratz plans to make a lot of money from the Crypto-boom, even if it is a bubble:
"This is going to be the largest bubble of our lifetimes. Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it."
I find that far more interesting. The interview he gave to Bloomberg is well worth a watch if you get a chance to check it out, he mentioned that in regards to the Dot-com bubble, that big bubbles are usually caused by life-changing technologies.
Something I think we all agree on in the cryptospace.
What do you think about Jordan's statement? Let me know in the comments!
Image taken from this article.