“There’s a lot of really honest people who are going to get slaughtered,” Belfort says.
Belfort spent nearly two years in jail for scamming investors. Now, he has no doubt, Bitcoin is the next trap that could leave some retail investors broke: “I was a scammer. I had it down to science and it’s exactly what’s happening with bitcoin,” he says in a recent documentary. “The whole thing is so stupid; these kids have gotten themselves so brainwashed.”
“This thing is gonna evaporate like a mirage,” he said. “There’s a lot of really honest people who are gonna get slaughtered.”
Belfort also challenges bitcoin’s security: “We don’t even know how bad it really is,” he said. “For the average person who’s really — you know, with a good heart, who walks in saying, ‘I just — I want — I do because I believe in it, in the long-term thing,’ just f*cking run.”
Belfort is not alone. Corporate leaders such as Jamie Dimon, Ray Dalio and Bill Gates have challenged the validity of bitcoin. Warren Buffett famously called it “rat poison squared” earlier this year.
