Former stockbroker, commonly known as the “Wolf of Wall Street,” Jordan Belfort, has delved into the possible Bitcoin (BTC) outlook for 2023 as the crypto sector attempts to exit last year’s bear market.
Belfort talked about Bitcoin during The Wolf of Wall Street podcast session, where he hosted Robert Beadles, the founder of the Monarch crypto wallet, on January 13.
During the session, Belfort noted that amid increased talk on regulating Bitcoin, any form of legislation would likely be a bullish catalyst for the maiden cryptocurrency.
Picks for you
“I think you’d agree that generally speaking, to the price of the asset class in general regulation, I believe, would be bullish,” Belfort said.
It is worth noting that Belfort has been a big advocate of crypto regulations, noting that assets like Bitcoin are likely to benefit in an environment whose laws are well-defined.
For instance, he pointed out that if regulations existed, the crypto market would not have undergone the recent FTX meltdown that saw customers lose money while most assets corrected.
Possible Bitcoin price catalyst
Furthermore, Belfort enquired about Beadles’s 2023 cryptocurrency outlook when he noted that the maiden crypto would likely surge in value if the government continues to print money and fails to control inflation.
Beadles suggested that an uptick in inflation figures is a possible trigger for Bitcoin’s continued rally while projecting the enactment of more regulations.
“It’s how much the Federal Reserve is going to keep printing that’s inflation that’s going to be the key issue there. I don’t see a huge uptick in Bitcoin price without inflation kicking.<…> There’s just too much regulation coming,” Beadles said.
Interestingly, Bitcoin’s current rally was triggered by a slowdown in the United States inflation rate that signaled an easing of the Fed’s monetary policy.
The future of Bitcoin
At the same time, Belfort termed last year’s crypto winter as a challenging moment for the sector while noting that the industry can get a glimpse of what happens next.
In this line, Beadles pointed out that the resilience of Bitcoin could indicate that the asset is here to stay.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
