Jordan Belfort, the man who inspired Martin Scorsese’s film “Wolf of Wall Street” and a once-avowed crypto critic, said Bitcoin is a long play while speaking on Yahoo Finance’s show The Crypto Mile

See related article: Bank of England calls for greater crypto regulation

Fast facts

  • The former convicted financial criminal turned famous consultant and sales coach said investors should look long-term and not at a shorter 12 or 24-month horizon when investing in Bitcoin. 
  • “If you take a three- or maybe five-year horizon, I would be shocked if you didn’t make money,” he said.  
  • Belfort’s comments come during a year that saw Bitcoin prices plummet over 55% year-to-date to below US$20,000, according to data from CoinGecko
  • Belfort now sees “underlying fundamentals in Bitcoin that are strong,” adding, “it has a limited supply, and as inflation keeps going and going there will come a time when Bitcoin will start to trade more like a store of value and less like a growth stock.”
  • Belfort is currently an investor in several cryptocurrency-related companies, such as the wallet and NFT startup Squirrel Technologies

See related article: Meitu’s Bitcoin, crypto investments down by over US$50 mln