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Greg Wall Street: I was wrong about Bitcoin going to zero

Greg Wall Street: I was wrong about Bitcoin going to zero

Jordan Belfort known as the wolf of Wallstreet In his recent interview with Yahoo Finance, he stated that the crypto market value is very low and investing in them has two sides; It will either fail or make huge profits. He also stated that in his 2017 comment that the price of Bitcoin will go to zero; has made a mistake

This article is just a translation of the source news and is not in any way a recommendation to buy, sell or invest in the cryptocurrency market.

According to Blockchain Homeland and quoted by Cointelegraph, former stockbroker Jordan Belfort, who is known as the Wolf of Wall Street, considers crypto assets with a low market cap, or unknown altcoins, due to high volatility. The price has been likened to penny stocks. Penny stocks refer to stocks with a price below $1 belonging to small and unknown companies. In general, they either bring huge returns to investors or crash hard and blow away their investors’ fortunes.

Belfort noted that these types of investments can generate extraordinary returns on the one hand, and on the other hand, they can cause losses for investors who don’t have their cash at the right time:

With this low market cap and these prices, you can make good purchases and pocket big profits; But on the other hand, the probability of your failure is not low.

Belfort went on to point out that people should only invest in low-value crypto assets if they are willing to gamble on a small amount of their portfolio and should never take the investment seriously:

I don’t think you can do too much research on these assets to protect yours. Unless you start working too soon. It doesn’t matter if your money management is good or bad. The prices are so low that it is not far off to expect them to go up, however, after the increase again, their sales will increase and the prices will fall.

Greg Wall Street said it primarily looks at Bitcoin (BTC) and Ether (ETH) for long-term investments because of their strong fundamentals. He stated that he is particularly interested in Bitcoin because of its potential to become a store of value and inflation.

Greg Wall Street’s stance on Bitcoin

Belfort is a popular figure in the investment space who has completely changed his stance on crypto over the past few years, joining the ranks of investors like Mark Cuban and Kevin O’Leary.

In February 2018, Belfort predicted the price Bitcoin It eventually reaches zero, and because of the small size of the market at the time, he described the asset as a “great room for manipulation.” He also believed that paying with Bitcoin is pointless and that this asset should only be a means of investment and that these payments will disappear.

Belfort has now admitted that his feelings have changed to Bitcoin and He no longer thinks that one day the price of Bitcoin will be zero. He added that at the time of this comment (2018) he had not done a thorough research on Bitcoin and that is why he made this comment that on the face of it BTC had all the characteristics of a scam project. However, he said most of his criticisms of crypto still stand, but the growing acceptance of bitcoin and crypto, and the fact that governments won’t outright ban the sector, has finally changed his mind.

  • What is Jordan Belfort’s opinion about investing in Bitcoin and digital currencies?

Belfort admitted that his feelings about Bitcoin have changed and he no longer thinks that one day the price of Bitcoin will reach zero. Greg Wall Street said it primarily looks at Bitcoin (BTC) and Ether (ETH) for long-term investments because of their strong fundamentals. He stated that he is particularly interested in Bitcoin because of its potential to become a store of value and inflation.

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