U. S. financier Jordan Belfort, who inspired the film' The Wolf of Wall Street', argues that the cryptomonet is a bubble that is about to explode.
In an interview published Friday in the Financial Times, stockbroker Jordan Belfort warns investors that the bitcoin is "a big con" and that its value will plummet very soon.
The Bitcoin promoters are running a big scam of the highest level against everyone Belfort says.
Probably, 85% of the people there don't have bad intentions, but the problem is that if 5% or 10% are trying to scam him, then, he explains, we are facing a" catastrophe.
In the late 1990s Belfort handled an illegal value manipulation scheme, which earned him nearly two years in prison. The notoriety achieved by his footwear company Steve Madden LTD inspired the film' The Wall Street Wolf' (2013), based on the memoirs of this former broker with the same name.
The famous financier predicts that the bitcoin price will continue to rise in the short term, until the market finally collapses.
Last Monday Belfort also said in an interview with CNN that the bitcóin's rapid and total fall should be expected, according to The Independent. In addition, the ex-broker said that few players in the cryptomoney markets will be able to prevent the loss of their investments.
If one were the most disciplined person in the world and entered the market and went out, there would be a short period of time to make some money, explains the Wall Street wolf, although he points out that human nature is not like that, and that people are going to come in, earn a little and want to make more money.
In this regard, he recalled the case of the speculative tulip fever or tulip crisis that in the middle of the seventeenth century caused the collapse of the Dutch economy, stressing that that financial bubble exploded after they began selling tulip futures.
Meanwhile, the price of bitcoin reached $19,000 earlier this month. Last December 10th, the Chicago Stock Exchange launched the first futures contracts for the bitcoin, which increased to 25% during its first session.