After recently admonishing the collapsed crypto trading platform FTX, former stockbroker commonly known as the ‘Wolf of Wall Street’ Jordan Belfort has shared his views on the current state of the cryptocurrency market.
Indeed, Belfort noted that, right now, he wouldn’t go near cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH), as he explained in his YouTube video commentary on the recent FTX collapse and subsequent crypto crash, published on December 5.
“Outside of those two coins – Bitcoin and Ethereum – I literally would not be touching crypto right now with a 10-foot pole.”
On top of that, he believes that “Bitcoin or Ethereum should represent a very small portion of your overall investment portfolio. In other words, I wouldn’t recommend that’s where you should be investing your money.”
Instead, in Belfort’s view:
“The best investment out there is to buy the S&P 500, go to Vanguard, one of the other really ultra-low-cost mutual funds or ETFs and put the bulkier money in that.”
That said, for those who have already bought other coins, Belfort suggested that “the worst time to typically sell is just because everything is down at the bottom, you get panicked out, selling at the worst time possible.”
Therefore, “to decide whether or not you should sell what you currently have, it really depends on going step-by-step, looking at each coin, each token’s fundamentals.”
“When you’re deciding whether or not to sell something that you already own you have to go back to the time that you bought it and say ‘what were my reasons, why did I make this purchase?’ and based on those reasons, you say ‘well, is that reason still intact does it still make sense?’
As a reminder, Belfort has recently expressed his belief that the FTX’s collapse was likely premeditated, labelling its former CEO Sam Bankman-Fried as a sociopath and warning that the platform’s business model might have been a pump and dump scheme.
Back in August, the former stockbroker backtracked on his anti-crypto views from 2017, admitting his initial projections of Bitcoin going down to zero were wrong, although he still stands by everything else he said back then, as Finbold reported.
More recently, he admitted to falling victim to a crypto hacking incident once, losing about $300,000 worth of digital currencies stored in his Metamask crypto wallet, leading him to store his assets in cold storage going forward.
It is also worth noting that, with the continued crypto market volatility, Belfort has offered some strategies for investors to survive the unfavourable conditions, including setting a time frame for Bitcoin investments, avoiding panic-selling, and focusing on BTC and ETH alone.
Watch the entire video below:
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