If you didn’t already know, the out-of-control stockbroker played by Leonardo DiCaprio in 2013’s The Wolf of Wall Street was inspired by a real person – Jordan Belfort. The former Wall Street hot shot is apparently not a passenger on the bitcoin BTC) bandwagon, telling the Financial Times that the wildly popular digital currency is a “huge, gigantic scam.”
Belfort, who is best known for his penny stock market manipulation, hard partying ways, and high-profile financial crimes, called bitcoin a bubble that could come crashing down in the not-too-distant future.
According to Mr. Belfort, cryptocurrency promoters are orchestrating a tremendous scam “of the highest order” on everybody who is pouring their money into digital tokens hoping to strike it rich.
“Probably 85 per cent of people out there don’t have bad intentions but the problem is, if five or ten per cent are trying to scam you,” the former stockbroker said.
The price of bitcoin should keep ticking upward in the short term, says Belfort, but that is only before an inevitable market crash sends the crypto-coin’s value into a nosedive.
The real-life Wolf of Wall Street compared the bitcoin craze to tulip mania – a phenomenon which also experienced a quick boom before eventually plummeting.
Is Mr. Belfort right?