One of the most infamous scam artists to ever hit Wall Street still maintains that Bitcoin is a dud, and is definitely headed to a major crash.
Jordan Belfort, who had to serve 22 months of prison time, and had to compensate with over $110 million the victims of his penny stock scam, explained to reporters that probably the only reason that the Bitcoin market is still afloat is because of the younger investors who have been “brainwashed” into buying it, having been pulled in by the underlying assets.
“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin,” he explained during an interview in a certain documentary due to release next week. “The whole thing is so stupid, these kids have gotten themselves so brainwashed,” he said. “We don’t even know how bad it really is.”
Belfort, whose criminal activities have made it into the silver screen as well through the the 2013 movie “The Wolf of Wall Street”, explained that scam artists have kept large reserves of BTC in store, and are now trying to sell them off to an average retailer who is simply trying to ride the hype train.
For the kind of investor who keeps a “good heart”, the kind who believes in the “long-term” and therefore will start buying, Belfort sent forth short notice of warning:
“[…] just f*****g run.”
“This thing is going to evaporate like a mirage,” he explained, adding that there indeed be a huge number of proper, honest people who will get “slaughtered” in the entire ordeal.“
This hasn’t been the first instance when Belfort has spoken out against BTC. Last year in September, he said that the token was a “fraud”, and soon also added that ICOs that come along with such tokens could be the “biggest scam(s) ever”. When the crypto-market has gone through its 6-month downfall, he said back in June that the market had indeed “run out of fools”, and had also issued a warning of a meltdown of the market.