The Wolf wants you to stay away from the big, bad bitcoin (BTC).

Jordan Belfort, the former stock broker made famous by Leonardo DiCaprio in Martin Scorsese’s “Wolf of Wall Street,” says bitcoin is a scam, according to CNBC. Belfort, who served 22 months in a California prison after pleading guilty in 1999 to manipulating stock prices, knows scams.

Belfort said in a recent YouTube video that bitcoin’s price surges are only based on the belief by buyers that there will continue to be “greater fools” to whom they can sell the cryptocurrency, or any asset, at a higher price. This belief is called the “greater fools theory,” and it was one Belfort used very proficiently … until he got caught.

This is not the first time Belfort has spoken out against the cryptocurrency, and it is not clear why he feels the need to do so now. Read more here.

ThirtyK Staff
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