Wolf Of Wall Street Jordan Belfort Says Bitcoin Is Dead

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Is Bitcoin dead? Apparently, it is according to one of the biggest financial criminals of our lifetime.

Jordan Belfort, the author of “Wolf of Wall Street”, which is also his moniker, has once again claimed that Bitcoin is as good as dead.

Wolf Of Wall Street Jordan Belfort Says Bitcoin Is DeadHis assertions concerning the imminent demise of the top cryptocurrency come at a time Bitcoin is struggling with a declining market value.

The Wolf of Wall Street believes that the numerous price dips in 2018 are a clear indication that we could be looking at the end.

In a video posted on Facebook, Belfort advised those who hold Bitcoin to get out before the inevitable happens.

According to Belfort, June has illustrated very clearly that Bitcoin was on the verge of hitting its “final days”.

He believes that nothing holds BTC and that its value has primarily been a result of hype from Bitcoin bulls. And thus, to him, Bitcoin falls into “the greater fool theory” thinking.

He said that prices of the leading crypto asset were propped on deception and false information, especially from popular figures within the industry.
According to him,

“The only reason why they’re doing that is because they’re trying to get more suckers in… to create unrealistic price projections at ridiculous values.”

Bitcoin flawed!

Belfort continues to suggest that Bitcoin is flawed. He believes that the currency has no real utility or value. It was designed to be used as a currency; which it doesn’t.

He re-affirms that:

“Everything is wrong with bitcoin. There’re too many fundamental flaws with it, and [the] bottom line is, get out if you don’t want to lose all your money.”

It’s not the first time Belfort has called out Bitcoin and predicted its eventual collapse. In December 2017, he made similar comments.

However, at that time, his take was that the price of Bitcoin would go higher before it eventually crashed to nothing. He has previously referred to it as a “scam”.

In an interview carried by CNN, Belfort had compared Bitcoin to the rise of Tulips in Holland. The 17th Century “tulip mania”, saw tulip bulbs grow in value to dizzying highs, before crashing to zero.

During the interview, he said “I think it’s a huge danger right now that people are looking at this as the next great thing, it’s a bubble for sure.

“The next stage, you will see it really skyrocket, there will be a short squeeze, it will go even higher and then eventually it will come caving in, it’s almost a guarantee.”

By then, BTC was valued at about $13,000. It went on to hit an all-time high of $20k a few days later. However, the beginning of 2018 saw its value begin a downtrend that has barely looked like reversing.

Today, though not dead yet, bitcoin trades at about $6k, struggling to find support in a bearish market.

Bitcoin’s performance in 2018 continues to draw attention and we’ll likely see many more calls like this. Even so, there are those who have stuck their ground, maintaining that the market will recover and that Bitcoin will rally once more.

For example, Trefis, an analytic firm recently revised their year-end Bitcoin price from $15,000 to $12,500. On the other hand, Fundstrat’s Tom Lee continues to maintain that the coin will reach $25k.

These are just some of the conflicting views when it comes to Bitcoin prices. One thing though is real: BTC has performed poorly in 2018.

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