The “Wolf of Wall Street” has changed his mind about bitcoin, and Hester Peirce is sure that the authorities are fixated on the illegal use of cryptocurrencies
Jordan Belfort admitted that his opinion about the main cryptocurrency was wrong
“The Wolf of Wall Street” Jordan Belfort admitted that his opinion about the main cryptocurrency was wrong. About three years ago, he spoke out about the collapse of BTC. Then bitcoin was approaching the $19,000 mark.
“I was right then, but I also thought bitcoin would go away forever. It was hard to sell and easy to buy, all the things that make for manipulation,” Belfort said.
According to the ex-broker, regulators should have destroyed cryptocurrencies. In addition, Belfort compared BTC against stocks. The latter, in his opinion, are not able to grow forever, and the issue of new securities lowers their rate, but bitcoin attracts investors with limited emission.
“People are spoiled by bitcoin. Bitcoin has a fixed, finite supply. With stocks, you have an infinite number of shares that can be issued, ” Belfort said.
Hester Peirce believes the authorities are fixated on the illegal use of cryptocurrencies
The authorities are fixated on the illegal use of digital assets and do not understand their benefits. This opinion was expressed by SEC Commissioner Hester Pierce. At a virtual conference organized by the British Blockchain Association, she called for attention to the “downside” of cryptocurrencies.
“With the absence of intermediaries, as well as the ease of storage, transfer and access, cryptocurrencies can become an important tool for people living under the threat of domestic violence, by local residents and repressive authorities,” said the commissioner.
According to Peirce, the authorities underestimate the “protective function” of cryptocurrencies, and an overly conservative point of view on this issue can harm investors.
“I hope this year we will see a turning point for the US, which, in turn, may prompt other countries to take a smarter approach to regulating cryptocurrencies,” she said.