Jordan Belfort, one of Bitcoin’s early critics, has retraced his steps and is now bullish on the future of the flagship cryptocurrency.
The well-known investor, motivational speaker, and stockbroker recently told Fortune that Bitcoin could eventually reach $100,000. Belfort, who calls himself “The Wolf of Wall Street,” has earlier said that Bitcoin would vanish with the 2018 crypto winter. However, it appears he is finally coming to accept the inevitability of the digital asset.
He admitted during his appearance on Fortune that he was wrong about Bitcoin when he predicted its doom in 2017. He was quite sure that Bitcoin would succumb to pressures from regulators due to its anonymous nature and potential of being used to launder money and finance illicit activities.
Belfort is now a Bitcoin believe. He pointed to the influx of institutional investors and new retail players.
As for his $100k prediction, Belfort is positive that Bitcoin’s advantages over stocks in terms of limited emission will push it to new highs.
Bitcoin has continued to win the heart of critics. Former Fed governor and Bitcoin skeptic Kevin Warsh endorsed Bitcoin as a “sensible investment” early this year. According to him:
I think that Bitcoin does make sense as part of a portfolio in this environment where you have the most fundamental shift in monetary policy since Paul Volcker (former Federal Reserve Chair). This is a big shift that we’re seeing under the Powell Fed, rightly or wrongly.