The CRITICISM of JPMORGAN CEO BITCOIN is fronted by the WOLF OF WALL STREET
It is just recently, and the dust had not settled yet, when Jamie Dimon of JP Morgan declared bitcoin as a fraud scheme. The criticism raised public fury and investor’s backlash. However, it now seems that other Wall Street financial club members are also provoked with such an opinion.
The infamous ‘Wolf of Wall Street,’ Jordan Belfort, has now come out to front the bitcoin criticism that JPMorgan brought. Belfort explained how he is able to detect a financial fraud during the TheStreet interview since his involvement with pump and dump schemes got him imprisoned. However, the allegations that Belfort leveled against bitcoin were a bit different.
While Belford agrees with Jamie that bitcoin is a fraud, he also believes that the cryptocurrency concept is genuine. He also contends that cryptocurrencies are just an artificial hype since the financial instrument lacks the central bank backing. Even more challenging is the fact that central banks are contemplating on creating a cryptocurrency that is sustainable.
Belford also raises a huge doubt about the safety of bitcoin. There is the risk of phone hackers stealing bitcoins. He asserts in the interview that there are people who have lost fortunes of money to cases of hacking.
A tip from the wolf of Wall Street
Since Belford has in the past been involved in financial fraud cases, he knows well the loose ends. He is currently trying to pay back the scammed money as he promotes his book the “Way of the Wolf.”