Bitcoin value will ultimately fall to zero: Jordan Belfort

jordan belfort way of the wolf author joins us now our jordan so you're out there you're warning folks about bitcoin essentially and you know there are a lot of there are a lot of Bitcoin fans out there I mean there's almost a cult-like following in you and to degree you can understand why people have lost confidence in governments around the world people have lost faith in fiat currencies remember our crisis we printed five trillion dollars worth out of thin air and people liked the idea of having a currency that they control and that no one else can control so you understand where that's coming from and by the way what if it does go to 50,000 or 100,000 or a million what do you tell people who may not have gotten into it because of your warnings first of all I don't think that you're correct and what you say the spirit that I don't think the people are getting into it because they have a dislike for fiat currencies or they're scared of the government's it's just typically not wanting to miss out right now one thing that's going up the bubble it has nothing to do with the technical factors the early people that were idealistic and we're thinking about you know what alternately they were on that train of thought but not the people now who we're driving up so that's not what's going on because I can tell you my son just opening account them a couple months ago all of his friends there but they've done their research and they like the idea that there will only be 21 million nine then they like the libertarian are you know if that's increment is not correct those who this idea of scarcity with Bitcoin is completely false because what happens when you having something like a crypto currencies they all trade in one giant basket so while there might be only 21 million bitcoins every time they create a new cryptocurrency there's more cryptocurrency on all there's no limit to the amount of cryptocurrency getting bigger every single day there is no scarcity it's there's no value it's a bubble and I promise you and you're right it could go to 50,000 it could go to a hundred thousand but I'm certain at the end of the day it will end up close to zero that's the bottom line all right join I got one for you also another one Gary can't bomb from Cal bomb Capital Management he's their president there he actually compared Bitcoin to a highlighter okay the best way I can explain it I have in my hands here the bit highlighter it is worth more than a Bitcoin and of course if somebody paid $15,000 for it Wall Street would start trading it the futures exchanges would have you trading it also and you'll have companies coming out instead of changing their name to Riot blockchain and would be riot highlighter that's the nature of this beast the greater fool theory but but you could also get that the painting that was sold a month ago for 450 million dollars intrinsically it's worth a buck 50 the canvas in a paint or gold literally was only one of that painting now what about no one known that's just been an amazing store of value for centuries things like that I mean that are still mined actively so again I get at listen I'm not in and I've never bought it and my son asked me to four years ago but I will say though to dismiss it out of hand because it's it's not a currency that's printed up by government and it doesn't have the Full Faith and Credit of some government behind it that could be folly also no let me let me put it this way so what you're I think confusing here is Bitcoin versus blockchain technology number one I don't think Bitcoin itself is a scam that's not the problem the problem is is that by its very nature it attracts people in there that are manipulating it it's set up to be manipulated it's a massive viral campaign going around the world right now where people who know nothing like your song and play a smart kid he has not been through all the bubbles he doesn't know what's going on this this is what doesn't I broke some laws and I'll tell you this this is exactly what is going on right now in Bitcoin and this crypto currencies people are essentially taking these basically worthless instruments and pumping it up with a story that it's the next great thing this is never gonna be a mainstream currency it's not gonna be there's too many problems of it could also one day there will be by the way there will be a blockchain currency it'll be I'm sure sponsored by the governments and be approved to dub you think the US government is gonna allow there to be some just freedom of currency out there that could your mass of money laundering I don't lose all the controls your I don't I don't disagree with you on that night and I know there's a lot of bubbles and scams out there altum Utley there might might be one I do real quick there tell me in a wrap real quick though that dance scene with Leonardo DiCaprio could you really dance like that back in the day I wish I could bother but Leo listen Leo is awesome he did a great job and that whole thing he did out of how he did it but it was pretty cool it was pretty cool Jordan Belfort thank you very much appreciate it

You May Also Like