By
Chimamanda U. Martha
April 25th, 2024
Jordan Belfort has turned from being a Bitcoin critic as he predicts that BTC will continue to pull in gains and cross the $100,000 milestone.
Jordan Belfort, the self-proclaimed Wolf of Wall Street, has stated some bullish comments on Bitcoin and the stock market. Before now, the Wolf of Wall Street was a Bitcoin critic, always stating bearish statements on the king coin. In his speech, he said that Bitcoin is “free from the distortion of effectively printing more of your own corporate cryptocurrency.”
Jordan Belfort Bullish that Bitcoin Would Reach $100,000
Belfort revealed its view on Bitcoin and the stock market while speaking in an interview with Fortune. According to the Wolf of Wall Street, the price of Bitcoin will continue to increase to hit $100,000. Stating the reasons behind his prediction, the former critic said that he believes Bitcoin has certain advantages compared to stocks. He mentioned Bitcoin’s limited supply of 21 million as a factor that could trigger BTC to reach the $100,000 milestone.
Speaking further, Belfort mentioned the institutional support Bitcoin has been receiving lately. He compared the current institutional demand for the digital asset to the 2017 bull run. At the time, Bitcoin recorded growth, but there was no significant backing from institutional investors. Also, Belfort and JPMorgan CEO Jamie Dimon were known for his negative comments on Bitcoin. Specifically, Dimon referred to Bitcoin as a “fraud.”
Supporting Dimon’s assertion that BTC was a fraud, Belfort said he did not think Bitcoin was a “great model.” The Wolf of Wall Street added that crypto needs support from the central government. He said:
“Sooner or later, a central bank or a consortium is going to issue their own cryptocurrency and that’s what will take hold.”
JPMorgan CEO: Bearish on BTC
Back in 2015, Dimon said that Bitcoin would not survive. During the period, Bitcoin was trading at $400. Bloomberg noted that Bitcoin declined in reaction to the bearish statement by Dimon.
When asked why he transformed from a Bitcoin bear to a supporter, Belfort reiterated that BTC’s fixed supply is a major “advantage over company stocks.”
He added:
“New investors will keep pumping the price, but the rush of new shares that deflates a soaring stock can’t happen.”
Belfort said that he thought regulators would outlaw the flagship crypto back in 2017. He noted that it was easy to buy BTC but difficult to sell.
At the time of writing, Bitcoin is down 4.82% to $54,778.30. Bitcoin has been surging, reaching new highs and making headlines. Like Belfort mentioned, there has been a rise in institutional demand for Bitcoin over the past year MicroStrategy Inc (NASDAQ: MSTR), Grayscale, and Twitter Inc (NYSE: TWTR) are some of the companies that have invested hugely in BTC. Their investment in the king coin has also contributed to its growth.
Since MicroStrategy started its Bitcoin acquisition in August 2020, the company has continued to buy the digital asset and now has about 90.531 BTC.