Home Crypto News News Wolf of Wall Street Jordan Belfort Admits He’s Wrong on Bitcoin, Ethereum — Still Sees Other Cryptos as Scams

Wolf of Wall Street Jordan Belfort Admits He’s Wrong on Bitcoin, Ethereum — Still Sees Other Cryptos as Scams

James Morales
Last Updated September 26, 2023 1:02 PM
Giuseppe Ciccomascolo
Verified by Giuseppe Ciccomascolo
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Key Takeaways
  • Jordan Belfort, otherwise known as the Wolf of Wall Street, once dismissed all major cryptocurrencies as scams.
  • He has since changed his mind with regard to Bitcoin and Ethereum.
  • However, he remains skeptical of other crypto assets.

When Jordan Belfort emerged as a vocal Bitcoin critic in 2018, dismissing the entire crypto sector as a big scam, advocates of the technology didn’t pay him much attention. 

On the one hand, such claims have dogged the space for years, but have done little to discourage believers. On the other, who wants to take investment advice from a convicted fraudster?

Yet in the past year, the Wolf of Wall Street, as Belfort is also known, has done a complete u-turn on Bitcoin and Ethereum, although he’s still skeptical of other crypto assets.

Wolf of Wall Street Embraces Bitcoin

Back in 2018, Belfort predicted  “the beginning of the end” for Bitcoin. Although he acknowledged that blockchain technology would likely revolutionize the financial sector, he characterized the world’s preeminent cryptocurrency as a scam and an example of the greater fool theory  in action.

But these days, Belfort has had a change of heart.

In April 2022, the American fraudster-cum-entrepreneur hosted a workshop exploring “the latest cutting-edge investment strategies for all things crypto, DeFi, and the Metaverse.” Guests paid to take part with Bitcoin. And the tickets weren’t cheap at 1 BTC each!

As an investor, Belfort has backed a motley selection of crypto projects including Pawtocol , a blockchain-powered platform for pet owners, and the squirrel  Web3 wallet.

However, in a recent interview with Benzinga, he insisted he hasn’t completely abandoned his initial skepticism. “My views on crypto were dead on, balls accurate,” he claimed

Continuing, he said “I think I was right with most, the 99% of crypto,” adding that “I was wrong about Bitcoin, and Ethereum, and maybe one other.”

Belfort Was Once Hacked for $300K in Crypto

In a previous life, Jordan Belfort was charged with defrauding investors out of hundreds of millions of dollars.

But in his new guise as a blockchain advocate, he has occasionally lost money, falling victim to the pitfalls of crypto investing.

According to the New York Times, Belfort once had $300,000  worth of Ohm tokens hacked from his cryptocurrency wallet.

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