The former stockbroker and popular public figure in financial markets, Jordan Belfort, has advised crypto lovers to invest in Bitcoin with eyes on their long-term goals. According to Belfort, who inspired Martin Scorsese to bring the movie “The Wolf of Wall Street,” the people who will hold BTC for more than three years will most probably make major profits.
He showed his support for Bitcoin during an interview with Yahoo Finance by praising its limited supply of 21 million coins. He claimed at the time that BTC would “start to trade more like a store of value and less like a growth stock” amid the rising global inflation.
The leading digital asset, according to the American investor, could be a suitable investment tool if people have “diamond hands” and hold onto it for three to five years. He stated:
“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of BTC are really strong.”
Belfort: Bitcoin is still in its infancy
He also commented that as bitcoin is still in its infancy, it is normal for it to correlate with the NASDAQ and tech stocks rather than trade as a hedge against inflation (similar to gold).
In addition to Bitcoin, Belfort offered his opinion on how individuals could safeguard themselves against cryptocurrency fraud. The absence of comprehensive regulations in the digital asset market as compared to traditional banking explains why occasionally “people are getting slaughtered.”
He cautioned investors to exercise caution when dealing with a certain cryptocurrency project and to get to know its leadership. According to Belfort, a protocol with unidentified owners should raise alarms for investors. He states:
“In crypto, you can go out and raise money, but there is no disclosure, and every time there is no disclosure, it always ends badly.”
In December last year, as TheCoinRsie reported, Belfort attacked meme coins and said that the founders of such tokens should be imprisoned.
Belfort was not always a big fan of cryptocurrencies and used to believe that Bitcoin is based on the Great Fool Theory. However, during the 2021 bull run, the crypto world saw a major shift in Belfort’s opinions. He, at the time, predicted that the asset had the potential to reach $100,000 by the end of 2021.