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The original Wolf of Wall Street, Jordan Belfort, says Bitcoin has outperformed his expectations.
In a new interview on the Flagrant 2 podcast, the former stockbroker says that while he was right to call Bitcoin’s collapse in 2017, he did not see the leading cryptocurrency making a huge comeback.
“When I first saw Bitcoin, I thought the technology was great. It was awesome. When I saw it run up to $17,000, $20,000, I was like, ‘Get out. It’s going to crash,’ and I was almost right on to the day when I thought it was gonna crash.
I thought once it crashed, it would disappear and then never come back, but it didn’t. I was wrong about that. I thought it would just vanish and it didn’t. Why? Because enough people believed in it.”
Belfort also looks at the fundamentals of Bitcoin and GameStop. He says the two assets are worlds apart in terms of supply dynamics.
“The difference between Bitcoin and GameStop is so huge and this is the mistake people are making: if you’re trying to think that one relates to the other, it doesn’t.
There is a finite amount of Bitcoin that is out there that can be created and there are very complex understandable models of how you create them and it creates scarcity.
There is literally no amount of GameStop that could not theoretically be issued. It’s an endless supply of shares that can be printed, created, so it is not a finite situation.
What Bitcoin was able to do, it truly has hit on one point, it was simply supply and demand. If we think it’s valuable, it’s valuable.”
Featured Image: Shutterstock/Krzysztof Stefaniak