Jordan Belfort, a former stockbroker whose memoir was made into the movie “The Wolf of Wall Street,” gave some advice on Bitcoin and Ethereum. According to Belfort, Bitcoin and Ethereum will be much higher in the future. He noted that the collapsed crypto exchange FTX is a scam, but stressed that its collapse “doesn’t mean Bitcoin has become worthless.”
According to Wolf of Wall Street, FTX, the crypto exchange that collapsed and filed for bankruptcy on Nov. 11, was a scam, and one cannot protect against such a scam. He warned that investors should be cautious when it comes to investments, especially ones that appear too good to be true.
Belfort warned against investing blindly in “get-rich-quick schemes,” stating that investors should always do their research before committing to an investment. He emphasized the importance of understanding the investments that are being made, saying that “information is power” and investors should always understand what they are getting into.
In 1999, Belfort founded Stratton Oakmont, a boiler room that marketed penny stocks and defrauded investors with pump-and-dump sales of stock. After pleading guilty to fraud in 1999 and serving 22 months in prison, he became a motivational speaker.
