The ‘Wolf of Wall Street’ Jordan Belfort has recently spoken out against Bitcoin as the product that is going to slaughter its innocent investors.
Belfort is best known as the penny-stock broker who did time for scamming investors. His story was recently depicted by Martin Scorsese, in ‘The Wolf of Wall Street’. Belfort warns that as a professional scammer, he made his living from fraud and believes what he saw during the 90’s is exactly what Bitcoin is doing today. According to CNBC, Belfort said:
“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin. The whole thing is so stupid, these kids have gotten themselves so brainwashed. This thing is going to evaporate like a mirage. There’s a lot of really honest people who are going to get slaughtered.”
If Bitcoin simply does evaporate, a lot of investors will be left strapped for cash. A lot of people have an awful lot of money in this so the use of the word slaughter probably isn’t as dramatic as it seems. It’s important to note that Belfort doesn’t believe Bitcoin itself is a scam, though overall he thinks that Bitcoin has allowed for a dangerous scam ridden climate to develop. Within Bitcoin, people are trying to rip each other off, in the same way Belfort did with penny stocks in the 90’s. It’s this culture, that will inevitably bring Bitcoin down. According to CNBC, Belfort has added:
“It’s not that bitcoin’s a scam but its nature allows scams to occur. It’s a dark market, you can’t see what’s going on behind the scenes. People dive into that and use it to rip others off. It could go bust within the year,