In a recent episode of his show Piers Morgan unrestricted, journalist Piers Morgan questioned the viability of Bitcoin trading, labeling traders as mugs. His guest, Jordan Belfort, formerly the Wolf of Wall Street, acknowledged Morgan’s doubt but pointed to a shift towards more advanced crypto investors.
Belfort noted that while Bitcoin’s early days involved illegal activities, its narrative has evolved with more legitimate backers like ETFs. However, he remained cautious of the cryptocurrency market, comparing many altcoins to past penny stocks designed to separate others from their money.
The notorious investor advocated for a careful approach to investing, suggesting the S&P 500 as a safer vehicle for wealth building through its constant updating of top-performing companies. You extract the value by investing in the S&P 500, Belfort said.
He warned against the risks of speculation, drawing an analogy to a corrupt casino with odds stacked against individual traders. Insider trading, high-frequency trading, and big investor advantages make it a treacherous playing field.
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