In a video shared on his YouTube channel, Jordan Belfort, a former stockbroker known for the 'Wall of Wolves', said that the Bitcoin market is no longer a fool. This is the end of Bitcoin's end. He believes that the Bitcoin market has not yet collapsed, but he warns investors that the market is about to collapse and they may 'lose all the money'.
In his video, Belfort talked about 'Bo silly theory'. He thinks this is the main problem affecting the market, and will eventually come to an end. 'Bo silly theory' is an investment theory, which thinks that the price of a security can As proved by rational buyers, rational buyers “stupidly” believe that regardless of their intrinsic value, others can pay higher prices for them. Belfort is not attacking bitcoin as a store of value. At the same time, the current decline in bitcoin prices was compared to the 2008 economic crisis, when investors were unable to find buyers for problematic mortgage-backed securities.
Pro-blockchain
Bitcoin is often heavily criticized by big names from all walks of life. Earlier this year, billionaire Warren Buffett slammed Bitcoin, calling it a 'rat medicine.' Bill Gates also called Bitcoin investment a 'Boo Duo Theory'. Ma Yun, Chairman of the Board of Alibaba Group, repeatedly stated that bitcoin is a kind of bubble, but praised Bitcoin's blockchain technology.
Belfort then explained his views on blockchain technology. He said that although he believes in the blockchain and its use cases, he suggested that investors holding Bitcoin quit if they do not want to lose all their money. Like other investors who are not optimistic about the outlook for Bitcoin, they have confidence in blockchain technology, but they do not believe in Bitcoin. Belfort also mentioned the "BIS Report" issued earlier this month. The Bank for International Settlements BIS pointed out that although Bitcoin has its uses, it has too many limitations and cannot be seen as a medium that can replace currency.
The cryptocurrency market is often affected by FUD (fear, uncertainty and confusion). Some commentators on the Internet believe that Belfort just wanted to spread the FUD among investors who listened to him. Others think he tried to share him with the world. One of the most controversial topics to maintain their influence.
This is not the first time that Belfort has publicly criticized Bitcoin. In an interview last year, he said that this cryptocurrency is a fraudulent act, because behind 'Bitcoin', in addition to creating artificially scarce procedures Nothing can provide support. In my opinion, if it really can continue, then this seems strange. ' In addition, he does not support ICO, he said ICO is 'the biggest scam in history'.