Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The year 2022 has been a very rough one for Bitcoin and the general crypto market. In the initial 11 months of the year, BTC declined by about 65%. Then, when it appeared that BTC gained stability at the $20K price mark, the FTX contagion broke out.
The adverse event has brought the leading coin, Bitcoin, down by around 75% from its peak price of $68,789. BTC currently trades at $16,823.
Bitcoin shows a decline on the chart l BTCUSDT on Tradingview.com
Notwithstanding, Bitcoin is still more promising than the rest of the altcoins. Therefore, several experts still believe prospective crypto investors can opt for BTC now, as it projects a positive future.
As for the Ethereum token, its price change in the past 24 hours is -1.94%, with a trading price just above the $1,200 mark. Ethereum is also believed to be profitable in the long run, given its transition to 2.0 and potential to revolutionize the web.
Bitcoin And Ethereum As Profitable Investment Options
Meanwhile, a recognized stockbroker, Jordan Belfort, has expressed his thoughts concerning the profitability of Bitcoin and Ethereum. In his comment, he stated that both digital tokens are the safest to venture into.
He admonishes crypto investors to get into the ecosystem with little capital. This is because of the unpredictable risks and volatility of these digital tokens.
He further shared some lights on the recent FTX incident. He cited that investors couldn’t identify the scam of the exchange. But this is not a yardstick to disregard investing in Bitcoin and Ethereum.
The stock broker also announced that his BTC holdings are still intact, with more purchases already made. His actions are backed by the belief that BTC will bring a huge ROI in a decade or less.
‘Wolf Of Wall Street’ On Crypto Adoption
Belfort, also known as the “Wolf Of Wall Street,” shared information on his past dealings. At the time, most of its dealings were connected to the fading “Great Fools Theory.”
This theory proposes high prices due to the overpriced securities sold to so-called greater fools. Such transactions occur regardless of the securities’ value and continue until the market is devoid of greater fools.
The name The Wolf of Wall Street was inspired by the popular 2013 movie – The Wolf of Wall Street. It’s a movie written by Terence Winter and directed by Martin Scorsese. Its storyline centered on Jordan Belfort of 2007, who displayed great passion as a stockbroker in NYC (New York City), United States.
Getting into 2021, the stock broker observed the rapid development of Bitcoin and eventually opted in. During the period, Belfort had hoped that the price of BTC would surge to $100K before 2021 wrapped up. His reason was based on the fixed max supply of tokens, which has remained at 21 million coins.
Although the expectation was never met, his hopes are still high, which is evident in how he speaks highly of the coin. According to him, investors should not expect Bitcoin to yield sudden profits. Instead, it’s better to venture into the coin with a long-term mindset to make the most out of it.
Featured image from Pixabay, chart from TradingView.com
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.