The Wolf of Wall Street criticised high-risk cryptocurrencies

Belfort: micro-cap crypto vs junk stocks.

The former American broker Jordan Belfort, known as ‘The Wolf of Wall Street’, in an interview The Crypto Mile compared low-capitalization digital assets to ‘junk’ stocks.

‘I don’t think there is any research you can do to protect yourself from these ultra-low-capitalization assets, except for very early entry,’ he said.

According to Belfort, in this segment you can make enormous profits, but most buyers of ‘junk’ stocks will lose their money.

He warned investors away from buying such assets unless they are prepared to set aside a portion of their portfolio for gambling.

The Wolf of Wall Street said he regards Bitcoin and Ethereum first and foremost as reliable digital assets because of their ‘strong fundamentals’.

‘I think this is only a matter of time before Bitcoin reaches maturity to begin trading more as a store of value than as growth stocks,’ he explained.

In 2018, Belfort said retail investors in Bitcoin had ‘their brains washed’. A few years later he changed his mind, as did many other investors and financiers.

In July 2022, ‘The Wolf of Wall Street’ called Bitcoin a long-term hedge against inflation.

Previously, he criticised meme cryptocurrencies Shiba Inu and Dogecoin for their lack of value. In his view, the creators of these projects are taking advantage of an unregulated market and should go to prison.

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