Bitcoin Warning by Wolf of Wall Street: Jordan Belfort, who is called Wold of Wall Street posted a lengthy message to his audience to sell bitcoin and other cryptocurrencies as soon as possible. Here is what he said to the audience via Facebook page regarding bitcoin.
“I URGE everyone who owns Bitcoin, or any of the other cryptocurrencies, to seriously consider selling out of their entire position as quickly as possible or, if not that, to at least reduce their position to a level that puts them in a position where they can afford to lose their entire investment.
To be clear, I am not basing this warning on any “inside information” I’ve received, nor have I spoken to anyone who’s supposedly “in the know” about these sorts of things.
In fact, the truth is that I cannot even guarantee that my timing is correct, and it’s possible that bitcoin, and its ever-multiplying offspring, could trade higher over the short term (although, if they do, I suspect by not much.)
But I highly doubt that.
Here’s the deal: I have an incredibly strong sense that the bottom is about to fall out of the cryptocurrency market any day (or within a few weeks from now, at most), and I am very seldom wrong about this sort of thing when I feel this strongly about it.
Why do I feel this way?
In all, there are more than a dozen different reasons why, and each one of them is grounded in logic, not emotion, and would be enough to instigate a mini-crash on its own. Together, however, they add up to a full-blow crash in the market, a crash that will be accompanied by virtually zero liquidity and be fueled by an onslaught of extremely troubling news regarding the level of fraud the exists within market—from manipulation, to money laundering, to non-existent tethering, to insider trading, to pump and dump schemes, to Ponzi schemes, to massive sales practice violations, just to name a few—as well as a coordinated regulatory crackdown by all the major governments who are not only looking to protect their respective citizens from getting sucked into this fraud-laden bubble any deeper but who also simply cannot allow their respective central banks to lose control of the money supply, which, for better or worse, is what our entire modern society is based on.
In addition, I want you to know that I do not currently own even a single dollar’s worth of any cryptocurrency, including any options or futures or derivatives, nor have I ever owned a cryptocurrency in the past; so, if you think I’m doing this because I want to see the price fall (so I can make a profit on a short) you’re dead wrong.
My only motivation for making this post is because I truly believe what I’m saying and I want to save all the honest, hard-working people who’ve gotten caught up in this insanity (or hysteria or mass delusion, or whatever you want to call it) from getting financial destroyed.
Again, I might be wrong, but I strongly doubt it.
Even if you completely disagree with my long-term thesis on cryptocurrencies—that they’re basically all destined to fail and ultimately be replaced why government issued crypto currencies—there is simply too much working against this market right now and I just cannot imagine any scenario under which there is not a severe crash over the short-term.
So, please, for your sake not mine, I recommend that you either sell out of your entire position, or at least reduce it to a level where you can afford to lose your entire investment.
To any haters out there (or bitcoin zealots), who will attempt to cite my past mistakes as a reason why I have no right or basis to be saying such “terrible things” about their beloved cryptocurrency, you should know that the sheer stupidity and disingenuous of your words is plainly obvious to anyone without an agenda. If you want to disagree with me, that’s fine. Just state your case logically and your post will not be hidden or deleted. Thank you for reading.”
After he published the post in a few hours, Bitcoin crashed from $10K to $8K and it is expected to still dip around $6,400. Also experts stated that it may take at least 2 months for Bitcoin to rise in its price.