While he made a fortune trading penny stocks and manipulating markets, Jordan Belfort, a trader inspired by the iconic movie “The Wolf of Wall Street”, is currently not very happy with the many things that are happening in the cryptocurrency industry. In last interview explained in detail what excites him and what bothers him in the cryptocurrency space.
The Good Things: Bitcoin and DeFi
Belfort admits to being an optimistic Bitcoiner. He explained that since he discovered Bitcoin, he found it a fascinating idea.
He hopes to see more and better regulation for bitcoin and the cryptocurrency industry soon. From his point of view, the more regulation there is, the better the impact will be for cryptocurrency users and traders in the future.
The sooner this mass regulation hits the market, the better it is for bitcoin, stablecoin, and everything else. I think people are afraid of regulation, they shouldn’t be. If you look back in history… let’s say in the junk bond market, everyone was saying, ‘Oh no, regulators are coming in! [Ale ostatecznie] the market has gotten much bigger so i think that’s a good thing.
Belford commented that bitcoin has a “bright future” and that the industry has positively evolved over time, being much more mature now than before. He believes that BTC could become a serious substitute for gold and expects the cryptocurrency to end the year somewhere between $ 45,000 and $ 70,000. Belfort is also very enthusiastic about DeFi. He considers this industry to be very innovative. Today he even advises DeFi.
Shitcoin ≠ cryptocurrencies
Belfort, however, was concerned about the growing number of worthless cryptocurrencies. It claims to be created to attract unwary investors. From his point of view, these coins are harmful to the cryptocurrency industry.
There are so many scams, it’s really sad … You have all those shitcoins there. Literally, new ones are printed every day. They are simply designed to keep people separate from their money.
However, he assured that all crimes leave a mark and eventually the organizers of these scams will pay for their actions, even if they are currently free due to legal loopholes. The Wolf called for a cleanup of cryptocurrency markets, though he declined to specify which cryptocurrencies he considers scams.
Is Tether a SCAM?
For Belfort, the leading stablecoin in the ecosystem at the moment is a stain on the credibility of the cryptocurrency industry. When asked if he considered Tether a scam, the seasoned trader stressed that he had been warning about his suspicions about USDT for several years.
I have been saying this since 2017 that I believe there is a big problem with Tether … It seemed quite convenient that the supply of Tether expanded as it needed to expand. And then when they did something civilly, I was like Wow, how did they get away with it?
However, he refused to call Tether a scam or shitcoin. Even so, he said, while Tether could run clean today, past mistakes could cost him dearly. Not even to the point where he won’t be able to get up from it.
However, while this scenario could have negative consequences for the cryptocurrency ecosystem, from its point of view, it would simply be a matter of time until markets balance the migration to another proven stablecoin.