For the Wall Street wolf "Bitcoin is a fraud"

For motivational speaker and former broker of the United States stock exchange, Jordan Belfort, all currencies are fallible, but Bitcoin is the worst case for lacking official backing. It believes that the central banks will emit their own criptomonedas and that will finish with the preminence of the digital currency.

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Former stockbroker Jordan Belfort, known as the "Wall Street Wolf" (for authoring the book by that name), has joined Jamie Dimon in proclaiming that Bitcoin is a fraud.

Belfort echoed recent comments by JP Morgan CEO Jamie Dimon, who said Bitcoin is "fraud" in a conversation with The Street. "I think he's right," said Belfort: "I do not think he's a great role model."

He went on to say that crypto-currencies will gain a place in society only when they are backed by a central government.

He added:

The biggest problem I see with Bitcoin - why I would never buy it - is that they could steal it. You can hack phones ... I know people who lost all their money like that. "

Belfort, now author and motivational speaker, pleaded guilty to fraud in the stock market in 1999 and spent 22 months in prison as part of his plea agreement. Belfort's memoir, "The Wall Street Wolf," was adapted into a Hollywood film directed by Martin Scorsese in 2013.

In his criticism of Bitcoin - a decentralized currency independent of any central authority - Belfort said:

[Any] currency [is] always air, I suppose, when you think about it ... But this [Bitcoin] is specifically backed by nothing more than a program that creates artificial shortages. It seems strange to me that it can be really sustainable. "

"Sooner or later, a central bank or a consortium will introduce its own cryptography and that's what's going to take over," the former Wall Street agent said.

In concluding his thoughts, he added:

I'm not saying I should or should not buy bitcoins. What I am saying is that personally I would be very careful about investing a lot of money on something that could disappear very quickly. "

Source: cryptocoinsnews
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