#3 Bitcoin to trade higher despite scams and crypto winterĭuring the 2022 crypto winter, Bitcoin experienced a substantial drop in value, further compounded by high-profile incidents such as the Terra crash and the FTX crypto exchange collapse. That was the first thing that made me start looking closely,” he noted. I’m like, wait for a second when things crash, they go like Terra that’s what happens when they’re supposed to go the way. When it crashed, and it went down to $3,000, it was still like a multi-billion dollar market.

“At the time that I really hated crypto, I stand by everything I said about crypto in 2017 except for one thing, I was wrong about Bitcoin going to zero, but I didn’t look closely enough because I just said it’s a scam because it just seemed like that because in all the ear markings of that. Additionally, incidents like the Terra ( LUNA) ecosystem crash further strengthened his faith in Bitcoin’s reliability. However, Belfort changed his mind after witnessing Bitcoin’s resurgence from the crypto winter of 2018. According to a Finbold report, Belfort believed that Bitcoin was destined to have zero value due to what he perceived as fraudulent properties of the maiden crypto. #2 Bitcoin is not going to zeroīelfort’s initial view of cryptocurrencies was cautious, as the former stockbroker regarded the sector as fraudulent. “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.

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