Bitcoin blazes with cryptocurrency regulation, says ‘Wolf of Wall Street’

Jordan Belfort, the infamous trader behind the movie “The Wolf of Wall Street,” called for “massive” cryptocurrency regulation and decried tether as a scam in a lengthy interview with CoinDesk. “The sooner this massive regulation comes into the market, the better it will be for bitcoin, stablecoins and everything in between,” said Jordan Belfort, who sees himself as a long-term “crypto bull”, meaning that he is betting on a rise in the market in the coming years.

Jordan Belfort added that fears of regulation to frame the crypto universe are unfounded, pointing to the history of regulators taming the market for “junk bonds”, these securities issued by companies whose level of debt is often excessive and questionable sustainability. Everyone was saying, “Oh no, the regulators are coming! But eventually the market got a lot bigger, so I think that’s a good thing,” he said.

Feral Tether Critic

Commenting on recent reports that tether executives are under investigation for bank fraud, Jordan Belfort accentuated his long-standing criticisms of tether, the largest stablecoin, calling it a scam and assuring that it has was “shocked” by how little legal action has taken place so far. A stablecoin is literally a stable cryptocurrency, with very low volatility, because it is backed by a conventional currency, such as the dollar.

In an interview in 2018, Jordan Belfort said he suspected tether to be a “massive fraud,” arguing that tether issuance could be used to support the price of bitcoin. Some academics have drawn similar conclusions, although others do not agree.

A bitcoin ‘between $ 45,000 and $ 70,000’ at the end of 2021
Jordan Belfort criticized the unrealistic price targets for bitcoin and ethereum, which he said are being used to generate buzz and are out of touch with the cryptocurrency case. He clarifies that he owns digital tokens of both assets.

“I think bitcoin has a good chance of being seen as digital gold,” he said, envisioning a price range of $ 45,000 to $ 70,000 for the end of the year, against about 40,000 dollars Wednesday. For ethereum, Jordan Belfort said he expected a range of $ 3,700 to $ 4,500, against a value of $ 2,300 on Wednesday.