The movie The Wolf of Wall Street which depicts the life of famous trader and stock market expert Jordan Belfort is well known amongst folks who are today active in financial markets across various diverse platforms be it stocks, Gold, crypto or even forex. This is why the story of ‘Jordan Belfort, the Wolf of Wall Street and Cryptocurrency‘ is going to be a great story for our readers. 

Jordan Belfort, The Wolf of wall Street and Cryptocurrency

 

Who is Jordan Belfort?

Jordan Belfort made a name in the stock market as one of the world’s advanced traders who manipulated the market to his own gains and made some massive benefits. The movie acted by ace actor Leonardo DiCaprio shows the market fixing, stock manipulation that goes on in the wall Street. 

A little bit of history of the famous New York wall Street and an insight; its an 8 block long street in the financial district of New York. It runs cross town between Broadway on the west to south street. However the tem “Wall Street” transcends physical structure or mere bricks cos it’s a term associated with the whole financial transaction happening around the center per time. An ecosystem of financial systems and workings. 

Jordan Belfort ran a now defunct long Island brokerage services and pleaded guilty to stock market manipulation and you wouldn’t expect the one time scammer who sold worthless stocks to unsuspecting clients raising their hopes and later dumping the stock leaving behind crashed hopes and dreams and serving some jail time due to that not see the cryptocurrency industry from the prism of a scammer. 

In a series of articles highlighting his thoughts gotten from Interviews, the once con man shared his thoughts on Bitcoin and cryptocurrency pointing out three areas he considered Bitcoin to have been greyed at the time {in 2018}. 

Anonymous identity

Belfort held the belief that since Bitcoin operates with an anonymous property I.e the fact that the government is not able to see the user behind a transaction have already flawed the technology. 

He argued that illegal transactions would be carried out at full scale without restrictions or control since transactions in the blockchain can be carried out without user needs for verification. The chance of people getting ripped off their hard earned money becomes really high. 

As the knowledge of the blockchain and cryptocurrency matters gets expanded the position of anonymity of transaction is considered flawed due to various factors which includes centralized exchanges requirement for verification before trading, DeFi {decentralized finance needs for KYC/AML before operations or transactions} and the one other point that trumps it all, the fact that illegal dealings with the Fiat still trumps that of cryptocurrency usage. Since the government still gets involved in printing more money into the circulation triggering inflation in the economy using Fiat and not cryptocurrency. 

Boom and Bust

No one would readily blame Belfort for taking this position cause at the time of this interview cryptocurrency has entered its Red bear season – The season between the beginning and end of 2018. These were times when the whole crypto market was in a correction mood. 

Scammy Initial Coin Offering {ICO} that came to play during the boom period of late 2017 have gone bust and fizzled out of thin air. We got some bunch of dudes with intentions to steal coming with a well designed website and whitepaper to rip millions of dollars. 

But as the market matures, the bad players and conmen get excused from the industry, we’ve witnessed growth of really good projects with really good applicable real life use cases, some with already working prototypes and MVPs. Due to the necessary correction of 2018 the industry is at that point where investors are critical of their investments and investing choices, asking real rough questions to project owners and developers. 

Government Restriction

Because of the anonymity attributes of the blockchain and the government inability to control the system. It’s Jordan Belfort firm believes that there would be complete ban and restrictions from the government. 

Indeed there have been a series of bans from various governments of the world, not only the US. List of countries who have ban cryptocurrency past and present includes; India, China, Thailand, USA, Bolivia, Ecuador, Vietnam, Russia. 

Some of the countries listed did not issue an express ban but have made dealing on these currency types illegal. 

Today countries such as China, Venezuela, Argentina, India and some notable economies are gradually embracing the idea of a tokenized economy. 

The advancement of the industry over the span of 2 years from 2018 should give Jordan Belfort a different stance on cryptocurrency today. Maybe this would be for him at the peak of his career one of his favorite investment toys. 

We only can’t tell if there would be another “Belfort moves” from the famous wolf of the wall streets in this new future. 

Hope you enjoyed reading the story of ‘The Wolf of Wall Street and Cryptocurrency’. In case you would like to read on ‘Ashton Kutcher and Cryptocurrency’ you’re welcome to read it here.

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