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Jordan Belfort’s story of stockbroking and scamming investors is one of the most popular tales from Wall Street. Known as the “Wolf of Wall Street,” his story was depicted by Leonardo DiCaprio in a movie by the same name. Belfort served a prison sentence for two years for pump and dump schemes. Now he is warning investors that Bitcoin will burn their hands and leave them penniless. Belfort spoke about his life, his experiences as a broker and his views on cryptocurrencies in a CNBC documentary.

Belfort owned up to his own mistakes at the stock market and said:

“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin. The whole thing is so stupid; these kids have gotten themselves so brainwashed.”

He talked about his pump and dump schemes, which scammed people and made him rich. He used an army of people who would call various investors around the country and ask them to buy a stock. After the stock prices went significantly up, he would dump his own stock and rob people of their money.

He suggests that the Internet has made it easy to showcase false “demand” for a particular security that asks people to buy more.

On the gravity of the situation, he said:

“This thing is going to evaporate like a mirage. There’s a lot of really honest people who are going to get slaughtered.”

Belfort says that the anonymous nature of Bitcoin’s holdings and transactions is a cause of concern. In a CNBC interview, he said:

“It’s not that bitcoin’s a scam, but its nature allows scams to occur.”

He further noted:

“It’s a dark market; you can’t see what’s going on behind the scenes. People dive into that and use it to rip others off.”

He claims that Bitcoin will go bust within one year, and when it does, it will have global implications. At the same time, he argued that central banks don’t want an anonymous currency that is beyond their control. Central banks around the world have tightened their regulations to stop money laundering, and an anonymous system that makes money laundering easy will never be accepted, he noted.

For the full interview, check the video below.

Jordan Belfort Warns Against Bitcoin in New Documentary was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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