Former American broker Jordan Belfort, known as the “Wolf of Wall Street,” urged buying bitcoin for a horizon longer than one to two years as a long-term hedge against inflation.
According to the expert, extending the investment horizon enlarges the likelihood of profit.
If you take a three- or five-year horizon, I would be surprised if you do not earn money. The fundamentals of bitcoin are really strong, he explained.
It has a limited supply. As inflation continues to rise, there will come a time when bitcoin begins to trade more as a store of value than as a growth stock, the specialist explained.
The former broker attributed bitcoin’s current high correlation with the Nasdaq index to its maturation stage. In his view, this is manifested by the absence of “real institutional ownership”, which could be addressed through regulation.
You can raise funds in the cryptocurrency market. But there is a lack of disclosure that could portend a bad outcome, he explained.
The “Wolf of Wall Street” advised investors to focus first on the team and the utility of the project. In his words, one should avoid those that cannot compete with centralized alternatives.
Back in 2021 Belfort named meme cryptocurrencies Shiba Inu and Dogecoin as “useless and without value”.
Earlier, the former broker admitted that he is a large holder of XRP.
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