Former stockbroker Jordan Belfort, known as the “Wolf of Wall Street,” was once skeptical of cryptocurrencies. However, over time, his position has softened, especially regarding Bitcoin (BTC).
Moreover, Belfort made several predictions regarding Bitcoin's trajectory in the coming years based on three key conditions.
1. If the rules are optimistic for Bitcoin
Many jurisdictions have not yet established regulations for cryptocurrencies, and Belfort sees this as potential for BTC to grow. He has long been a proponent of regulation of the crypto sector, believing that Bitcoin will thrive in an environment where laws reign.
In this regard, Belfort criticized those who view regulation as an obstacle to the growth of digital assets. In his opinion, the absence of laws is a suitable environment for fraud to flourish.
2. If Bitcoin does not reset to zero
At first, the former stockbroker believed that the crypto sector was entirely fraudulent, so the first cryptocurrency, which was growing in value, was bound to depreciate to zero.
As we know, Belfort later changed his mind as he witnessed the resurgence of BTC after the crypto winter of 2018, and the collapse of the Terra (LUNA) ecosystem further strengthened his belief in the reliability of Bitcoin.
3. If Bitcoin moves up despite scams and crypto winter
During the crypto winter of 2022, the value of Bitcoin dropped significantly, which was aggravated by high-profile scandals with the collapse of Terra and the bankruptcy of the FTX crypto exchange. However, Belfort stressed that these developments should not cause investors to abandon Bitcoin or Ethereum (ETH).
Despite Belfort's bullish outlook, it's important to remember that Bitcoin's prospects are influenced by a number of factors, including regulation, adoption, and macroeconomic factors.
