Jordan Belfort, who calls himself the “wolf of Wall Street”, has gotten rid of his bearish views on Bitcoin and now predicts that the crypto asset may reach $100,000. Belfort reshaped himself as an inspiring speaker and consultant. He said that Bitcoin is different from company stocks. It is more about “pure supply and demand.” He added that encrypted assets “are not distorted by effectively printing more of their own company’s currency.”
Bitcoin’s fixed supply distinguishes it from stocks
In an interview with Fortune, Belfort made remarks about Bitcoin (BTC). He expressed his views on the recent Reddit-inspired price increase of Gametop stock. Although some observers view the increase in Gametop prices as another form of selling, Belfort disagrees. Although he admitted that traders “are collectively pumping out these stocks,” he insisted that “there was no dumping.”
At the same time, compared with company stocks, Belfort concluded that the fixed supply of crypto assets provides it with an advantage over stocks. The former penny stock trader believes that “if the stock goes up too long, the company will continue to issue shares.” However, this continuous issuance of shares will lead to value dilution.
On the other hand, Bitcoin “does not have the problem of stocks, that is, high prices tend to bring more supply (thus) making this rise into a swipe.”
Belfort is now bullish on Bitcoin
Regarding the reason why Bergfort is no longer a Bitcoin bear, Belfort once again pointed out that the fixed supply of the encrypted asset is its key “advantage over the company’s stock.” He added:
New investors will continue to raise prices, but the surge of new shares that offset the soaring stock will not happen.
In 2017, when crypto assets exceeded $19,000, Belfort was jailed for nearly two years for defrauding small investors from $200 million. He predicted that Bitcoin would collapse and “disappear forever”. The former penny stock trader argued at the time that the regulator “will abolish the coin.”
However, after seeing crypto assets hit record highs, Belfort said that he “now believes that this situation will continue because there has not been a fatal regulatory shock.”
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