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What does the businessman who inspired The Wolf of Wall Street think about cryptocurrencies?

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What will be the price of BTC? Is Tether a Scam? Is it good to regulate cryptocurrencies? The original Wolf of Wall Street expressed his views on cryptocurrencies.

The Wolf of Wall Street talked about cryptocurrencies

The iconic film The Wolf of Wall Street is something like mandatory literature, but on the movie screen and for anyone interested in trading in the financial markets. Although he made his fortune trading “penny stocks” and manipulating markets, Jordan Belfort, the businessman who inspired the cult film The Wolf of Wall Street, is not very happy with much of what is happening in the cryptocurrency at the moment.

However, Belfort admits that he is optimistic about BTC. He says BTC has found it exciting and says he hopes there will soon be more and better regulations for bitcoins and the crypto-industry. According to him, it appliesthat the more regulations there are, the better the consequences for cryptocurrency users and traders in the future.

“The sooner massive regulation comes on the market, the better for BTC, stablecoin and everything else. I think people are afraid of regulation, they shouldn’t. When you look back in history… say the subprime bond market, everyone said: Oh no, regulators are coming!The market has become much bigger, so I think it’s a good thing. “

There are a lot of bad things in the crypto

The Wolf of Wall Street then spoke of one major ailment that the crypto market suffers from. Belfort is concerned about the growing number of worthless cryptocurrencies that have been created to extract money from trusting and careless people. According to a notorious and infamous trader, these scams are generally a damage to the crypto industry. He stated:

“There are so many scams, it’s really sad… You have all those shitcoins out there. Literally every day, new ones are printed. They are simply designed to separate people from their money. ”

He did not say specifically which cryptocurrencies belonged to this group, but he said he believed that the problem would eventually disappear. In the end, according to him, the organizers of these scams will pay, even though they are currently at large due to legal gaps.

As for Tether, he said can currently work cleanly. Mpast errors however, they could still to come dearly, even to the point that he would not have to recover. The negative consequences would affect the entire crypto market, but in the end it would recover with a new and demonstrably legitimate stablecoin.

Conclusion

Be sure to watch the movie The Wolf of Wall Street if you’ve been going around. It is inspired by a story from the time when Wall Street was ruled by Wild West rules. Riders did not race here on horses, but in expensive cars and luxury yachts, and there was a lot of money, sex and drugs everywhere. Jordan Belfort, whose story became the subject, now spoke about cryptocurrencies. He spoke of the need for regulation for the growth of the industry and the problem of the large number of frauds and fraudulent cryptocurrencies that arise in hordes. Obviously, if the Wall Street Wolf names these scams, you can be sure that someone who knows what he’s talking about is saying that – or “singing.”

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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