Bitcoin and Ethereum are the only crypto assets that investors should be dealing with right now, says The Wolf of Wall Street. He has strong faith in Bitcoin and believes in making high profits from it in the next 5-10 years.
Jordan Belfort, the infamous stockbroker whose story inspired Martin Scorsese's The Wolf of Wall Street, believes that investors should only deal with two cryptocurrencies at the moment: Bitcoin (BTC) and Ether (ETH). He warned that people should only invest a small part of their total portfolio in cryptocurrencies due to the volatility and risks in this area, according to Crypto Potato.
Belfort posted a video titled “My Current Crypto Update” to share his thoughts on hot topics such as the FTX debacle and whether now is the right time to jump into the ecosystem. He claimed that the exchange was a scam and that nothing could protect users from disaster.
Despite the collapse of FTX, Belfort does not think people should ignore Bitcoin and Ether. According to him, the two largest cryptocurrencies by market capitalization are the only ones that investors should deal with during the ongoing bear market.
“Outside of those two coins – I literally would not be touching crypto right now with a 10-foot pole.”
Belfort said that he did not sell any of his Bitcoin and even bought more. He believes that such investments can become profitable in the next five to ten years:
“I haven't sold even one, and I'm buying more. That's not to say that I don't think it's going low because I do think it's probably going to go a bit lower in the short term. But I believe in the long term that if you hold coins these five or ten years, I believe those two have an excellent shot of being substantially higher than what they are today.”
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.