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Wolf of Wall Street J. Belfort’s market predictions for 2024

Wolf of Wall Street J. Belfort’s market predictions for 2024
Elmaz Sabovic

In 1999, Jordan Belfort, commonly known as “The Wolf of Wall Street,” admitted guilty to fraud charges related to the penny-stock scheme he operated from a Long Island boiler room. This operation eventually thrust him into the spotlight of mainstream news.

Belfort, a natural-born salesman with a taste for luxury and a seemingly effortless knack for wealth generation, managed a workforce of around 1,000 during his heyday.

He does not take pride in his past mistakes. Over the years, he has dedicated himself to rectifying those errors by positively impacting the lives of tens of millions worldwide. In addition to sharing his knowledge and experience, he also shared some of his predictions for 2024.

A long-term goal should be investing in the S&P 500 

Belfort contended that the superior and more refined approach to investing involves concentrating on long-term opportunities while steering clear of getting entangled in unnecessary distractions, as per his interview in The Brian Kilmeade Show on November 2.

“There’s a couple of different positions you want to own, but they’re long-term positions, and you want to be reinvesting your dividends, adding on to these positions slowly over time,” he said.

Belfort elaborated on why emphasizing long-term investment options represents the “ultimate strategy” for every investor. He specifically directed investors’ attention to the S&P 500.

“Their index committee is poring over every company document, every report, and they’re replacing the index. So, the 500 companies there today will be different from the 500 companies that are there in 90 days. There might be one or two that changed over 10 years. Many of them change. So what happens is by buying an index, you’re getting exposure to all the best companies that are out there in the world at any given moment.”

The equivalent of the S&P 500 in crypto is Bitcoin

For those traders who prefer to trade in cryptocurrencies instead of the stock market, Belfort has advice: “Bitcoin is the equivalent of S&P 500 in crypto,” as he said in an interview for London Real on December 18.

He said he owns Bitcoin (BTC) and Ethereum (ETH), legitimate assets. He advised caution to investors, as the crypto market is filled with scams, especially mentioning Terra Luna and FTX.

Belfort says he truly believes in Bitcoin and that investors should allocate from 5% to 10% of their portfolios. Also, he advised that the best time for investment is during the dips and that it might soon be too late.

NFTs are valuable, but not in their current form

With the ongoing decrease in the value of NFTs and many traders being scammed, The Wolf of Wall Street calls them out as money laundering schemes in which those naive were tricked by the wicked, as he stated in the same interview for London Real on December 18.

He predicted they wouldn’t be able to hold their value in the long term and that their values were highly speculative, as scammers were looking for ways to launder their money.

Belfort advised traders to go against the tide, to be fearful when the market is greedy, and to be optimistic when the overall sentiment is paralyzed by fear.

These predictions were envisioned as a part of his advice that he shares with novice traders to provide them with a plan and tips to avoid common traps that investors fall into.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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