Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, is currently facing a prolonged price dip. While it saw an all-time high of $68,000 back in November 2021, its value has dipped to around $20,000 owing to the overall crypto market slump. Given the current scenario, investors are reluctant on putting their money on BTC, as there’s a lot of uncertainty on when the price of Bitcoin is expected to bounce back. Under this backdrop, controversial former stockbroker Jordan Belfort, best known as the ‘Wolf of Wall Street,’ said that he believes long-term Bitcoin investments “can certainly make money.”
During an interview with Yahoo Finance last week, Belfort said, “I think the issue right now is you have to look at bitcoin and not take a 12-month or 24-month horizon. With reasonable luck, I think if you take a 24-month horizon, you’ll almost certainly make money.” He added, “I think if you take a three, four, five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals, I believe, are really strong.”
Belfort wasn’t a strong supporter of crypto as far back as 2017. However, given the popularity the sector has gained in recent years, Belfort now promotes himself as a “cryptocurrency guru,” as per The New York Times.
If you have watched the Martin Scorsese-Leonardo DiCaprio black comedy “The Wolf of Wall Street,” you might have a pretty good idea of who Belfort is. In 1999, he pleaded guilty to fraud and stock-market manipulation-related crimes as well as running a boiler room to market penny-stock scams. He spent 22 months in prison and published his memoir “The Wolf of Wall Street” in 2007, on which the eponymous movie is based.
At the time of writing, Bitcoin price stood at $20,419.98 as per CoinMarketCap data, registering a 24-hour dip of 4.14 percent.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.