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'Wolf of Wall Street' Jordan Belfort Predicts Bitcoin Hitting $100K
Belfort, previously a bitcoin critic, now says he believes the cryptocurrency holds advantages over stocks.
Updated Sep 14, 2021, 12:30 p.m. Published Mar 22, 2021, 1:58 p.m.
Jordan Belfort, the author and former stockbroker known as "The Wolf of Wall Street," has changed his previous critical stance on bitcoin, predicting the cryptocurrency's price will go on to hit $100,000.
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- Belfort told Fortune in an interview he believes bitcoin holds advantages over stocks such as its limited supply, which could see the cryptocurrency reach the $100,000 level.
- He also cited the increase in support bitcoin has received from institutional investors compared to its previous bull run in 2017.
- At that time, Belfort voiced his agreement with JPMorgan CEO Jamie Dimon's assertion that bitcoin was a "fraud."
- "I don't think it's a great model," Belfort told The Street in September 2017, adding that cryptocurrencies would require some backing by central governments.
- “Sooner or later, a central bank or a consortium is going to issue their own cryptocurrency and that’s what will take hold.”
- Belfort pleaded guilty to stock fraud and money laundering in 1999, subsequently writing a memoir called "The Wolf of Wall Street," which was turned into a film in 2013.
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See also: Billionaire Investor Howard Marks Warming to Bitcoin
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