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HomeNewsWolf of Wall Street Bashes Bitcoin, Compares it to ‘Greater Fools Theory’

Wolf of Wall Street Bashes Bitcoin, Compares it to ‘Greater Fools Theory’

Video shared on his Youtube channel, titled “The Bitcoin Market has Finally Run Out of Greater Fools…”, Jordan Belfort, has claimed it’s the “beginning of the end” for BTC as the market has run out of fools. He believes the market has not “even crashed yet” but warned investors of an imminent meltdown where they could “lose all of their money.”

In the video, Belfort highlights the “greater fools theory”, which he believes is the main issue affecting the market, and will ultimately lead to its end. The Greater Fool theory is an investment theory which believes the price of a security can be justified by a rational buyer who “foolishly” believes someone else can pay a higher price for it irrespective of its intrinsic value.

While hammering on Bitcoin not being a store of value, Belfort also compared the current dip in BTC prices to the economic crisis of 2008 where investors were unable to find buyers for faulty mortgage-backed securities.

At the same time, these comments need to be taken in stride. Jordan Belfort made a lot of money from misleading other investors and even went to jail for doing so. It is possible he is doing the exact same with Bitcoin as of right now. Only time will show what the future holds for Bitcoin. Remember, this is one of the most resilient digital assets the world has ever come across.

Similar to other “experts,” Jordan Belfort sees a lot of merit in blockchain technology. Rather strange, considering this technology powers Bitcoin as well. For that currency, Belfort deems it to be fundamentally flawed. It is possible to have one without the other, but not all blockchains are created equal either.

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