The Wolf of Wall Street is not just a movie – it is based on the true story of Jordan Belfort. His background has seemingly given his words legitimacy and accordingly, when he predicts that Bitcoin may come to an end, his prediction carries some weight. In Belfort’s own words, the drop in Bitcoin’s price is “just the beginning of the end.”
Belfort further mentioned that when the Bitcoin market actually crashes:
“it has the ability to go to zero, or $2,000, or $1,000 just like that.”
Belfort’s statements were made in a video. In the video, Belfort also considered his personal experience and knowledge focused on them as factors that allow him to understand that the perceived value of bitcoin is based on the “greater fool theory.”
Although Belfort had some alarming words to say about Bitcoin, he had some positive things to say about blockchain technology, and expressed an optimistic attitude about the crypto industry as well. As for Bitcoin prices, Belfort mentioned that even if prices do go up again, the market is poised to crash at the end of the day.
According to Belfort, the crash may be due inevitable fraud investigations in the future. He also mentioned that when he spoke to CNBC previously, nine of the ten predictions he made about the Bitcoin market came true. Belfort further stated, “You’re going to find that when the indictments come down, you’re going to find that a lot of these heists… these disasters at the exchanges were inside jobs meant to cover up other behavior, so that had comes stolen… so that’s going to come out.”
In an attempt to warn those interested in Bitcoin, he encouraged individuals to “wake up and smell the coffee.” Take note though, Belfort does distinguish between blockchain and bitcoin technologies, stating to viewers that they could be:
“pro blockchain technology and not pro Bitcoin, they’re not the same thing.”
Based on the current state of Bitcoin this year, Belfort’s predictions may come to fruition.