Jordan Belfort, also recalled as the wolf of Wall Street, warned bitcoin and other cryptocurrencies investments inclination eventually damage honest people the most when the bubble hand down burst.
In an interview with BBC One Panorama, Mr Belfort said that in defiance of most people being “smart” and aware of the risks of the cryptocurrency incredible, honest people who jumped on the crypto-bandwagon will lose out.
He said: “The people who wish lose the most at the end of the game are the honest people.
Bitcoin reward: Wolf of Wall Street warns about the cryptocurrency world
“The ditties who are getting there because they’ve been sold the bill of belongings, they believe, and these are not stupid people, many of them are dapper people, they’re not naive even.
“It’s just human nature to bypass on the bandwagon, it’s what every great bubble is made of and they’ll style this the greatest bubble of all time.
“The ones at the end of the day that typically get murdered the most are the average mums and dads.”
The ones at the end of the day that typically get slaughtered the sundry are the average mums and dads
The millionaire recognises in cryptocurrencies a equivalent scheme to the one he used for his Wall Street ‘pump and dump’ operation for which he was set guilty of fraud after earning millions.
In an interview with The Suiting someone to a T, Mr Belfort said some scammers will create the “illusion of opulence” around bitcoin, in order to maintain an interest in new cryptocurrencies.
He said: “At this promontory in time, the money has been made in bitcoin already.
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“If you are in the middle of the crypto engagement right now and you’re looking to make money – the guys who are committing the fraud – the but way to do it is to issue a new currency at the bottom and ride it up.
“But they need to do that, to stand up issuing new cryptos, they have to keep bitcoin up high adequately so people still believe in cryptocurrency.
“They create the illusion of riches – this is what I did at Stratton – you keep the old ones up high enough so people hushed believe in the overall system and launch the next one, and that’s where they decipher their money.”
Bitcoin price went down 50 per cent from its highest value of $20,000 reached in 2017. According to Coindesk at 10:41 am on February 13 bitcoin appraisal is $8,497.41.