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Like Howard Marks, Jordan Belfort, aka the Wolf of Wall Street, acknowledges his 2017 mistake about Bitcoin. And as a result, the financial expert believes that BTC can still climb by 80%.
Bitcoin? Just a fad, and not even a good one. This is essentially the opinion expressed by Howard Marks in 2017 towards the cryptocurrency. Since then, the billionaire has clearly revised his position.
Marks is not the first Bitcoin detractor to convert to it. Jordan Belfort also concedes an error in judgment, again dating back to 2017
This period owes nothing to chance. Bitcoin was reaching its all-time high of $20,000 this year. BTC was on everyone’s lips, but not necessarily to praise. And Jordan Belfort was hardly a Bitcoin enthusiast.
But by the way, who is he? The grand public was able to discover his life as a young trader in Martin Scorsese’s film, The Wolf of Wall Street. This film tells his story… until his arrest by the FBI.
And in 2017, Jordan Belfort was convinced that Bitcoin would implode. On that score, he wasn’t entirely wrong, though he didn’t imagine then that the cryptocurrency would revive its ATH three years later.
“I was right at the time, but I also thought Bitcoin would disappear forever. It was hard to sell and easy to buy, all the ingredients that make for manipulation,” he tells Fortune.
It is for this reason that the former trader anticipated an intervention of the regulators. This is not yet on the agenda. However, according to Deutsche Bank, it could well become a reality in late 2021 or early next year.
To justify the regulation of Bitcoin and crypto-assets, authorities may turn to the argument of anti-money laundering. By this finance expert’s admission, “Bitcoin seemed like the perfect storm for money laundering. “
“I thought Bitcoin accounts in Switzerland and Cayman would be exposed. I thought Bitcoin would catch on at first, and then it would be regulated to bankruptcy,” Jordan Belfort still recalls.
Not only did BTC not go bankrupt, but it is reaching historic highs. For the former Wall Street trader, the rise is probably not over. The margin of growth remains consequent, he estimates, anticipating a progression of 80% until 100.000 dollars.