Jordan Belfort, former head of the now-defunct brokerage Stratton Oakmont, believes he took the wrong position on Bitcoin (CRYPTO: BTC).
What Happened: In a recent interview with Fortune, the investor admitted to being wrong about Bitcoin back in 2017 when he appeared on national television to state his beliefs that it would crash.
"I was right then, but I also thought Bitcoin would go away forever. It was hard to sell and easy to buy, all the things that make for manipulation," said Belfort, explaining that he thought regulators would outlaw the flagship cryptocurrency.
"Bitcoin looked like the perfect storm for money laundering," he said, adding, "I thought that Bitcoin accounts in Switzerland and the Caymans would be exposed. I thought Bitcoin would initially take hold, then be regulated out of business."
Belfort now believes that Bitcoin’s price has plenty of room to run and predicts that the price will continue to rise by 80%, all theway to $100,000.
Why It Matters: Belfort’s reasoning as to why the coin still has the potential to rise to such a high value comes down to “pure supply and demand.”
According to him, “people are spoiled by Bitcoin” because it has a fixed and finite supply. In his view, this gives the digital asset an advantage over equities because while an infinite number of shares can be issued, Bitcoin is free from the distortion of effectively printing more corporate currency.
Belfort also stated that Bitcoin has a much bigger base of buyers than ever before – something that many market proponents believe acts as a legitimizing factor to cryptocurrencies as an asset class.
Price Action: Bitcoin was trading at $56,308 at the time of writing, up 0.38% in the past 24-hours. The market-leading cryptocurrency touched an all-time high of $61,519 earlier this month