Skip to content

‘Wolf of Wall Street’ J. Belfort: Bitcoin would thrive under strict crypto regulations

'Wolf of Wall Street' J. Belfort says strict crypto regulation beneficial to BTC and ETH

Former stockbroker commonly known as the “Wolf of Wall Street” Jordan Belfort has called for immediate massive regulation of the cryptocurrency sector.

Speaking to Coindesk, Belfort underlined that the wide-scale regulation of the sector will be lead to the growth of cryptocurrencies like Bitcoin and Ethereum.

He said that the notion that regulations are bad for the industry is misguided. Belfort notes that one of the benefits of regulations will be an increase in the market size. 

The self-declared long-term cryptocurrency bull added that regulation in the space would eliminate bad actors, especially the pump and dump schemes. In this case, Bitcoin will have the space to thrive.

“Everyone said, ‘Oh no, the regulators are coming in! So I think it’s a good thing…the sooner that massive regulation comes into the market, the better it is for Bitcoin, stablecoins, and everything else,” said Belfort.

Furthermore, Belfort took a swipe at what he termed as unrealistic Bitcoin and Ethereum price predictions. He noted some of the predictions are out of touch with reality. 

Belfort believes that Bitcoin is in a good position to stand as a digital gold while predicting the asset will trade between $45,000 to $70,000 by the end of the year. Belfort added that the number two ranked cryptocurrency Ethereum will likely trade at around $3,700 to $4,500.

Increased calls for crypto regulations

Belfort joins United States senator Elizabeth Warren to call for immediate regulation of the crypto market. According to Warren, the move will bring order into the market. 

Warren has called for an enhanced regulatory regime around crypto. She notes that waiting for a long time will result in further damage to the financial system. 

Elsewhere, Belfort maintained his initial stand on Tether being a scam. He expressed his shock towards the lack of legal action on Tether. This comes after it emerged that the Justice Department is investigating possible bank fraud by executives of Tether Ltd from its early days. Tether denies allegiations.

[coinbase]

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.