Jordan Belfort, called "the wolf of Wall Street", believes that the bitcoin, the first-class cryptocurrency, is about to evaporate. The former penny stocker broker who was convicted of fraud charges in 1999 is not unrelated to marrying negative rhetoric on Bitcoin and the cryptocurrency market in general.
All the Makings of a scam
Speaking with CNBC as part of a documentary titled "Bitcoin: Boom or Bust", Belfort expressed the conviction that the BTC investors were heading towards a sad end. According to Belfort, BTC is the next big scam that would make many people penniless after the bubble breaks out. During the interview, the Wall Street Wolf also said:
I was a scammer. I've had it with science, and that's exactly what's going on with bitcoins. Everything is so stupid, these guys have made such brainwashing.
Belfort argues that BTC fraud plays in the modern world where the Internet has become an instrument of manipulation. According to the former penny brokers, many ICOs are empty schemes condemned to fail, which is why the US Securities and Exchange Commission is right to take a hard line against such offers.
As for Belfort, he believes that BTC does not have much time to last, saying:
This thing [Bitcoin] is about to evaporate like a mirage. There are many truly honest people who will be slaughtered.
The head of Stratton Oakmont, based in Long Island, also predicted that the BTC would die within a year. According to Belfort, the death of BTC will echo throughout the world describing it as "the bust listened to all over the world".
These comments are not the first obituary of the BTC published by Belfort. Speaking during a Facebook video in June, Belfort said that BTC would soon die. At the time, the first-class cryptocurrency was in the midst of a significant decline, and Belfort leapt into the chaos of apocalyptic judgment by predicting the end of the road to popular virtual currency.
Belfort also focused on the ICO ecosystem first, labeling the fundraising method as the "biggest scam" of 2017. Belfort is not the only cryptic critic on Wall Street. Others like Jamie Dimon of JPMorgan and Warren Buffett of Berkshire Hathaway have also made similar proclamations on several occasions in the past. "Oracle of Omaha" once described BTC as "probably poison squared"
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Image courtesy of Coinmarketcap.