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Real 'Wolf Of Wall Street' Jordan Belfort Says Bitcoin Could Rise To $50,000

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Real 'Wolf Of Wall Street' Jordan Belfort Says Bitcoin Could Rise To $50,000

Jordan Belfort, perhaps better known as the real Wolf Of Wall Street hasn't been quiet in the past about his thoughts on Bitcoin. And now the former stockbroker believes the cryptocurrency's value could raise to $50k (£35k), before it plummets completely - something which he says is an inevitability.

Belfort, whose market manipulation and fraud crimes in the 1990s were subject of the 2013 film starring Leonardo Di Caprio, claims the way the cryptocurrency was built is a 'perfect storm for manipulation'.

"Something [Bitcoin] was designed to be used as a currency, and it's being used as an investment vehicle [...] As a currency, Bitcoin is no more useful at $20,000 or $100," he said in a video interview with entrepreneur Patrick Bet-David, posted on Bet-David's Facebook page.

He predicts that while Bitcoin is, in his words, a 'wolf in sheep's clothing', it also 'might go to $50,000' before it eventually crashes to zero.

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Credit: Zack Copley/Creative Commons
Credit: Zack Copley/Creative Commons

Belfort told Bet-David he had invested 'not a penny' in cryptocurrency.

Back in December, Belfort explained that he thinks Bitcoin is a scam.

He told the Financial Times: "Promoters are perpetuating a massive scam of the highest order on everyone.

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"Probably 85 per cent of people out there don't have bad intentions but the problem is, if 5 or 10 per cent are trying to scam you."

The financier said he anticipated the price of Bitcoin to rise further in the short term before an eventual collapse.

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He compared it to Holland's 'tulip mania', where the value of tulip bulbs grew exponentially in the 17th Century before a rapid drop.

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In an interview with CNN, he said: "I think it's a huge danger right now that people are looking at this as the next great thing, it's a bubble for sure.

Credit: PA
Credit: PA

"The next stage, you will see it really skyrocket, there will be a short squeeze, it will go even higher and then eventually it will come caving in, it's almost a guarantee.

"If you were the most disciplined person and get in and get out there is probably a short window to make some money.

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"But that's not human nature, people will get in and make some money and they want to make more money.

"In the tulip bubble the beginning of the end was when they started trading futures on tulips, that was another move up and then all of a sudden it collapses and it's over."

Featured Image Credit: Jordan Belfort/Facebook

Paddy Maddison
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