‘Wolf of Wall Street’ Jordan Belfort Claims Bitcoin Market Has ‘Run out of Fools.’

The ‘Wolf of Wall Street’ is saying “I told you so” about bitcoin prices’ recent retreat.

In a video shared on his Youtube channel, former stockbroker Jordan Belfort, infamously known as the ‘Wolf of Wall Street’, has claimed it’s the “beginning of the end” for bitcoin as the market has run out of fools. He believes the market has not “even crashed yet” but warned investors of an imminent meltdown where they could “lose all of their money.”

Belfort, who spoke about the “greater fools theory” in his video, which he believes is the main issue affecting the market, and will ultimately lead to its end. The Greater Fool theory is an investment theory which believes the price of a security can be justified by a rational buyer who “foolishly” believes someone else can pay a higher price for it irrespective of its intrinsic value. While hammering on Bitcoin not being a store of value, Belfort also compared the current dip in Bitcoin prices to the economic crisis of 2008 where investors were unable to find buyers for faulty mortgage-backed securities.

Pro Blockchain

Bitcoin has often been on the receiving end of harsh criticisms. Earlier this year, Billionaire Warren Buffett thrashed Bitcoin by saying “it’s rat poison squared.” Another famous entrepreneur who has criticized bitcoin in the past is Alibaba Co-Founder Jack Ma while consistently praising the blockchain technology.

Warren Buffett Bitcoin
Billionaire investor Warren Buffett has also been critical of bitcoin.

Belfort went on to explain further his thoughts on blockchain technology. He said while he believes in Blockchain and its use-cases, he advises investors who are holding Bitcoin to “get out if you don’t want to lose all your money.” […]

Read Full: ‘Wolf of Wall Street’ Jordan Belfort Claims Bitcoin Market Has ‘Run out of Fools.’