'Wolf Of Wall Street' Jordan Belfort Calls Bitcoin A 'Scam'

I'm going to assume that you've heard a few things about bitcoin in the past few months. The cryptocurrency, with its mysterious creator and huge price surges, has really captured people's imaginations and barely spends a day without hitting headlines.

Just take a little look at the bitcoin hashtag on Twitter and you'll find thousands of comments from people who already own some, those dying to get in and plenty of spiteful people (like me) hoping the whole thing collapses, because they didn't get involved in the first place.

Bitcoin has gone from being an obscure, internet-only currency, primarily used on the dark web to purchase...let's not go down that road, to becoming a legit investment opportunity pretty quickly. And, with the unbelievable price surges it's had recently, those who invested early, for peanuts, are now rolling it. Jammy bastards.


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However, Jordan Belfort, you know the guy who The Wolf of Wall Street was based on, is yet to be convinced.

In an interview with the Financial Times, Belfort said the 'initial coin offerings' are a 'huge gigantic scam that's going to blow up in so many people's faces'.

Adding: "It's far worse than anything I was ever doing."

Quite a claim from a guy who pleaded guilty to fraud in connection to stock-market manipulation.

He continued: "Probably 85 percent of people out there don't have bad intentions, but the problem is, if five percent or 10 percent are trying to scam you, it's a fucking disaster."

Unlike banks, which are regulated and backed by the government, bitcoin doesn't offer this security and, being online, is potentially vulnerable to hackers.

He added: "Everyone and their grandmother wants to jump in right now. I'm not saying there's something with the idea of cryptocurrencies, or even tulip bulbs. It's the people who will then get involved and bastardise the idea."


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Is that enough to discourage the masses? Probably not. Is it going to upset those who have already made millions? Definitely not. Is it able to make my spiteful self feel a teeny bit better? Yup.

Source: Financial Times

Featured Image Credit: CNN

Claire Reid

Claire Reid is a journalist at LADbible. Claire graduated from Liverpool John Moores University with a BA in journalism. She’s previously worked at Trinity Mirror. Since joining LADbible, Claire has worked on pieces for the UOKM8? mental health campaign, the Yemen crisis, life in the Calais Jungle as well as a profile of a man who is turning himself into a cyborg.

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