We have been involved in an important correction, these things happen in every single market. It is clear that the cryptocurrency market is more volatile and the prices can move very vertiginously. But according to the colloquially known as the ‘Wolf of Wall Street,’ Jordan Belfort, Bitcoin could reach $50,000 dollars, surpassing its all time high of $20,000.
Bitcoin $50,000 Dollars
Mr Belfort was interviewed with the entrepreneur Patrick Bet-David on January the 31st. During the interview, Belfort has commented that for him, Bitcoin is not a scam but the creation of financial anarchists. The intention was to create a currency that could be independent from banks and financial institutions. Bitcoin was immediately created after the bank crisis that started in 2007 and hit the entire world.
Belfort has also commented that Bitcoin cannot be useful at certain prices and that the rising price of Bitcoin can be attributed to speculation.
“Something was designed to be used as a currency, and it’s being used as an investment vehicle. As a currency Bitcoin is no more useful at $20,000 or at $100. It still works whether it’s a $100 dollars or $2 billion dollars, you can use Bitcoin as a currency.”
He has also criticized the market manipulation that can easily be done in a market that has yet a lot to grow. He has talked about the case of Olaf Carlson-Wee, an early adopter of BTC who was paid in cryptocurrencies when he was working at Coinbase in 2013. Mr Carlson-Wee sold all his Bitcoin and bought Bitcoin Cash. Some time later, he gave an interview on TV (more precisely, CNBC) saying that Bitcoin Cash was the real Bitcoin. We wrote in the past about how the CNBC was being operated by BCH supporters and attacking Bitcoin.
During the interview, Belfort has also predicted that Bitcoin could reach $50,000 dollars in the future before crashing. He has also said that he never invested in cryptocurrencies and that Initial Coin Offerings are one of the biggest scams ever.