Jordan Belfort, former stockbroker, and inspiration for Martin Scorsese’s hit movie “The Wolf of Wall Street,” is changing his mind about Bitcoin. While once a cryptocurrency critic, Belfort now believes there is money to be made in Bitcoin but only if you take a long game approach to crypto investing.
Speaking on Yahoo Finance’s show The Crypto Mile, Belfort said he believes Bitcoin investments made today will become profitable three to five years from now.
“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 Bitcoin are really strong,” said Belfort.
He also added that due to Bitcoin’s “limited supply” and ongoing inflation, the token will reach a point when it will “start to trade more like a store of value and less like a growth stock.”
Jordan Belfort, who spent 22 months in prison for fraud and running the pump-and-dump schemes in the 1990s, previously opposed the idea of Bitcoin and called it a “mass delusion.” But after the crypto prices skyrocketed, Belfort took more interest in the cryptocurrency market and became an investor. He is currently also backing several crypto and NFTs projects.