Jordan Belfort, the real “wolf of Wall Street”, now presents himself as a crypto mastermind.
Last week, he hosted a $40,000 cryptocurrency workshop at his Miami estate, The NYT reported Friday.
Three years ago, the former stockbroker and convicted felon said Bitcoin was a “mass illusion.”
Jordan Belfort, the actual inspiration behind “The Wolf of Wall Street,” hosted his first cryptocurrency workshop last week. Its nine attendees paid one bitcoin – roughly $40,000 – to attend the “brains” class held at the Belfort estate in Miami, The New York Times reported Friday.
In a video promoting the event, the former stockbroker and convicted felon said he was “heavily investing” in crypto and NFTs, which he called “the future of finance.”
Belfort pleaded guilty in 1999 to defrauding more than 1,500 individual investors out of $200 million. After serving 22 months in prison, Belfort published his now famous memoir and became a motivational speaker. His TikTok @wolfofwallstreet has 3.7 million followers.
The recent focus on bitcoin, however, is a radical departure from Belfort’s previous views on cryptocurrency, which he expressed in a 2018 Youtube video titled “Bitcoin Market Finally Run Out of Bigger Fools.”
During the video, Belfort says Bitcoin’s rising value is due to the “biggest fool” theory, which states that overvalued assets can always be sold for profit if you can find a “biggest fool”. . That is, until the market runs out of fools to fool.
“I know that better than anyone in the world,” he said. “I’m not proud of that but I am. I’ve been through that, I was the guy on the other side. I know what’s going on.”
He then goes on to call crypto “mass delirium,” “damn madness,” and “a sinking ship.” A representative for Belfort did not respond to Insider’s request for comment.
Belfort’s crypto workshop was billed as an “intimate financial experience” where attendees learn about the metaverse, crypto, and decentralized finance. According to the New York Times report, nine guests were selected from 600 entries, including a crypto miner from Kazakhstan and a blockchain podcaster with a roofing company in Idaho.
Despite Belfort’s historic distaste for financial regulation, he previously called for “massive regulation”
of digital currency in a 2021 interview with CoinDesk.
“The sooner this massive regulation hits the market, the better it will be for bitcoinsstablecoins and everything else,” he said.
Read the original article at Business Intern