cryptocurrency meltdown has now begun, page-11

google jordon belfort, wolf of wall street, cryptocurrency

he has plenty of videos saying get out of cryptocurrency, as the market has run out of fools.


"[Bitcoin] is all based on the Great Fools Theory,'' Belfort says in a recent YouTube video. "I know this better than anyone in the world. I'm not proud of that, but I do."

Belfort says bitcoin's price surges are thanks only to a belief by buyers that there will continue to be 'greater fools' who they can sell the asset to at a higher price."

"There's no fundamental value [with bitcoin], it's all based on the next guy and the next guy," he says. "Get out if you don't want to lose all of your money because ... there's a very good chance it's going to crack. And when it really cracks, you're not going to be able to sell on the way down, there will be no liquidity."

For Belfort, the whole idea seems a bit too familiar: "I lived this, I was the guy on the other side of it," he says. "I know what's going on and this is the beginning of the end."