TL;DR
- Jordan Belfort, known as “The Wolf of Wall Street,” shares details about his cryptocurrency portfolio.
- Belfort acknowledges the value of Bitcoin as a store of value.
- While he recognizes the potential of Ethereum, he retains doubts about its specific use cases and remains skeptical about NFTs.
The iconic Jordan Belfort, widely known as “The Wolf of Wall Street,” has shared details about his cryptocurrency portfolio and his opinions on Bitcoin, Ethereum, NFTs, and low-priced stocks during a conversation with Jason Raznick, CEO of Benzinga.
Belfort is famous for his activities in the world of finance and investments. The wolf admitted to initially being skeptical about cryptocurrencies, even describing Bitcoin as a “mass insanity delusion.” Fortunately, his vision has evolved, especially concerning Bitcoin and Ethereum. However, he still exercises caution and is critical of many altcoins. He recognizes the value of Bitcoin as an elegant solution, particularly as a store of value, and views institutional interest as a positive indicator of its legitimacy.
The Wolf of Wall Street Recognizes Bitcoin as a Legitimate Asset
On the other hand, Belfort acknowledged the potential of Ethereum. But he also retains doubts about its specific use cases, highlighting the uncertainty surrounding the cryptocurrency compared to BTC. Regarding NFTs, he remains skeptical and concerned about their long-term sustainability. Despite receiving offers to create his own NFTs, he decided not to proceed due to concerns about their long-term value and utility.
Regarding low-priced stocks, Belfort warns about their speculative and risky nature, considering most of them to be garbage designed to benefit issuers rather than investors. He recommends avoiding risky bets on these stocks and suggests diversifying investments across a variety of stocks to mitigate risk.
Finally, he advocates for a long-term investment strategy focused on low-cost S&P 500 index funds, emphasizing the importance of focusing on a company’s fundamentals rather than its current stock price.
These opinions and advice from Belfort will be explored in detail in his upcoming book. “The Wolf of Investing,” where he aims to provide a guide for individual investors to navigate the complex world of financial investments and potentially achieve superior returns
