Cryptocurrency

Bitcoin will hit $50K mark before falling to Zero, says Wolf of Wall Street

Avatar Written by Sajeel Syed · 1 min read>

Is it a support or a snub at this crucial time?

Bitcoin crashed hard today reaching as low as $8,600 (as of writing) and this major blow is one from the series of a slump, the cryptocurrency is facing from the beginning of the current year. As compared to the earlier hypothetical statement recorded a couple of days ago, this more reasonably accurate statement comes as a tiny drop of water for the intense thirst of Bitcoin at this crucial time.

Jordan Belfort who is also known as the real “Wolf of Wall Street”, has said that Bitcoin “might reach $50,000” in coming years. But simultaneously, he has also snubbed the cryptocurrency by claiming Bitcoin as a “wolf in sheep’s clothing”, will fall to zero eventually after reaching a high of $50K.

In a Facebook post by Patrick Bet-David, Belfort has said that Bitcoin is not a scam at all, and accredits it as a “financial anarchists”. However, he does think that the platform has been manipulated by people and presented as an investment scheme, where its creators’ vision was to make it a currency alternative to gold. He said,

“Something [BTC] was designed to be used as a currency, and it’s being used as an investment vehicle […] As a currency, Bitcoin is no more useful at $20,000 or $100.”

He believes that it wouldn’t be a problem if the Bitcoin was deemed as currency, no matter how low its price would have gone.

Well, the views of Belfort had not been all the same a while ago. Back in December last year, he called Bitcoin a ‘huge danger’ reported by CNBC. At the time he said, “there’s no regulation on the actual level of Bitcoin itself.”

Bitcoin faced a second major blow of the year 2018, where cryptocurrency’s price dropped by 13 percent and reached to as low as $8,900 yesterday on Coindesk.

Written by Sajeel Syed
I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism.Follow me on Twitter: https://twitter.com/sajeelshamsi Profile