For the recent continuous decline in Bitcoin, “Wolf of Wall Street” said “I have told you already.”
In a video shared on his Youtube channel, Jordan Belfort, a former stockbroker known as “Wolf of Wall Street”, said that the bitcoin market is no longer a fool, this is the beginning of the end of Bitcoin. “. He believes that the Bitcoin market “has not yet collapsed,” but he warns investors that the market is about to collapse and they may “lose all the money.”
In his video, Belfort talked about “Bo silly theory”, which he believes is the main problem affecting the market and will eventually come to an end. The “Boo Theory” is an investment theory. It believes that the price of a security can be proved by a rational buyer, while a rational buyer “stupidly” believes that regardless of its intrinsic value, others can Pay a higher price. Belfort’s attack on Bitcoin is not a means of storing value, but it also compares the current decline in bitcoin prices with the 2008 economic crisis, when investors were unable to find buyers for problematic mortgage-backed securities.
Bitcoin is often severely criticized by big people from all walks of life. Earlier this year, billionaire Warren Buffett slammed Bitcoin, calling it a “rat medicine.” Bill Gates also called Bitcoin investment a “boss theory.” Ma Yun, chairman of Alibaba Group’s board of directors, repeatedly said that Bitcoin is a bubble, but praised Bitcoin’s blockchain technology.
Belfort then explained his views on blockchain technology. He said that although he believes in the blockchain and its use cases, he suggests that investors holding Bitcoin “quit if they don’t want to lose all their money.” Like other investors who are not optimistic about the prospects of Bitcoin, they have confidence in blockchain technology, but they don’t believe in Bitcoin. Belfort also mentioned the BIS Report released earlier this month. The BIS BIS pointed out that although Bitcoin has its uses, it has too many limitations and cannot be considered as a medium that can replace money.
The cryptocurrency market is often affected by FUD (fear, uncertainty, and confusion). Some commentators on the Internet believe that Belfort just wanted to spread FUD among investors who listened to him. Others believe that he is trying to maintain his influence by sharing his views on one of the most controversial topics in the world.
This is not the first time that Belfort has publicly criticized Bitcoin. In an interview last year, he said that this cryptocurrency is a fraudulent act, because “behind (bitcoin), there is nothing to support except for the process of creating artificial scarcity. In my opinion If it really can continue, then this seems strange.” In addition, he does not support ICO, he said ICO is “the biggest scam in history.”