Jordan Belford, best known for being the real-life ”Wolf of Wall Street,” has been known to make cryptocurrency-averse statements in the past. It would now seem that he is at it again, arguing that Bitcoin has ”brainwashed kids” into investing in the cryptocurrency.
These most recent comments came in an interview with CNBC, during which Belford noted that he believes that Bitcoin and cryptocurrencies are a trend which will soon ”evaporate like a mirage.”
This interview comes as a part of a cryptocurrency documentary produced by CNBC, titled ”Bitcoin: Boom or Bust” which premiered on Monday.
Belford has argued that cryptocurrency is ”a fraud” since last September, and Toshi Times has previously covered some of Belford’s comments on Bitcoin, such as his statement that the market was due for an imminent collapse after ”running out of fools.”
Belford spent the better part of two years in prison following a pump-and-dump penny stock scam, depicted in the Martin Scorsese-directed black comedy film The Wolf of Wall Street, and pleading guilty to stock manipulation.
Moreover, Belford was also ordered to pay victims of his scam over $110 million in restitution.
In the interview with CNBC, Belford compared Bitcoin to his former fraudulent ways, stating that he was a scammer who ”had it down to science, and it’s exactly what’s happening with Bitcoin.”
In a separate interview on CNBC’s Power Lunch the same Monday, Belford also added that his concern with Bitcoin mainly stems from the cryptocurrency’s anonymous nature, arguing that this allows scams to occur.
Belford went on to call the cryptocurrency market a ”dark market,” in which ”people dive into […] and use it to rip others off.”
In addition to this, Belford said that Bitcoin could go bust within the year, and that it would do so in a spectacular manner – causing a ”bust heard around the world.”
Individuals in the cryptocurrency community would readily disagree with Belford on his arguments, but he also noted that central banks might very well try to prevent the advent of cryptocurrencies – something the cryptocurrency community itself has speculated on in the past.
Belford also said that the asset class is being kept alive by young investors who have been ”brainwashed” into investing in the burgeoning asset class. ”The whole thing is so stupid, these kids have gotten themselves so brainwashed.”
Furthermore, Belford added that people ”with a good heart” would be the ones most hurt by cryptocurrencies, urging them to ”just fucking run.”
This was a point Belford stressed in the interview with CNBC. ”There’s a lot of really honest people who are going to get slaughtered,” he added. It remains to be seen whether Belford’s most recent predictions come true or not.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.