Speaking during an interview with Yahoo Finance on August 27, Belfort noted that his 2017 stand was due to the view that the asset was a scam while suggesting Bitcoin had properties of a fraudulent project.
Impact of 2018 crypto winter
Furthermore, Belfort stated that following the growth of cryptocurrencies, he believed a regulatory crackdown would push the asset to zero since it likely posed a threat. At the same time, he explained how the 2018 crypto winter changed his mind. Interestingly, the former stockbroker revealed he came to understand Bitcoin harbored qualities of a digital gold driving a change of his mind. In this line, Belfort who is pushing for crypto regulation added that with maturity, Bitcoin will likely start trading like a store of value and less like a growth stock.
Crypto to mirror dot-com bubble
Elsewhere, Belfort suggested that the crypto sector growth trajectory will mirror the dot-com bubble where select digital currencies will crash before rallying again. He believes that cryptocurrencies likely to stand out are those with strong management and utility while stressing that in the long-term, Bitcoin and Ethereum (ETH) are likely to succeed. Watch the full interview below:
