What Does the Wolf of Wall Street Think About Bitcoin?
For those of you who've been living under a rock, the Wolf of Wall Street is a real guy, Jordan Belfort, is a real dude. Through the process of helping the Feds crack down on loopholes and scams in the market, Belfort only served minimum time in Federal Prison and has been on a mission to pay back those investors he's wronged for the past 10 years. He recently released a new book called "The Way of Wolf" about persuading people (like any good salesman would) and the advice is applicable to everyone in every walk of life.
This is a great interview conducted by The Street with Jordan Belfort about his view on the current state of the market and world.
How much advice should you take from a former business criminal?
In my opinion, it doesn't hurt to listen. Individuals like Belfort were successful in finding holes in the system that were borderline legal (as he says in the interview) and taking advantage of them. To me, he's quite good at sniffing out investing fraud and so it's worth taking into consideration.
The most interesting point was his view on Bitcoin, which for all intents and purposes, Belfort calls "a fraud." While there is a viable future for cryptocurrencies around the world, current market trends (think Equifax) teach us that hackers have a very astute ability to steal bitcoins from the public. According to Belfort, "I know people who have lost all their money like that," he said, adding that he would never buy bitcoin himself. He expects a central bank to introduce a cryptocurrency of its own "and that's what will take hold." Keep an eye on all kinds of "artificial inflation" in the market.
You can watch the whole interview below and on The Street: