Wolf of Wall Street Trashes Bitcoin
The real Wolf of Wall Street, Jordan Belfort, has been an outspoken critic of bitcoin. He recently recorded this video trashing bitcoin and explaining his reasons for doing so. I don't agree with everything he says, but I like to see all sides of an argument when making investment decisions. Some of his comments are thought-provoking. He speaks with a lot of passion and I found his presentation to be entertaining.
WARNING: THIS VIDEO CONTAINS FOUL LANGUAGE. IF YOU DON'T WANT TO HEAR F-BOMBS AND OTHER EXPLETIVES, DON'T WATCH THIS VIDEO.
Interesting video, yes we need to hear arguments from both sides and then make our own decisions. I disagree with him saying Blockchain is good but crypto is worth zero as you need cryptocurrency for the incentive to run and develop the blockchain.
He seems to have a real problem with cryptos that function as currencies, saying that governments don't want them because they destroy governments' ability to control their money supply. It may be that many governments will ban bitcoin, but it is legal in Japan and other countries. In Canada, it's taxed as a commodity, and in the U.S. it's currently taxed as property. It will be interesting to see if states like Arizona and Wyoming end up legalizing the use of bitcoin and other cryptocurrencies in their states. If more states follow, that would make it harder for the U.S. federal government to ban them. Marijuana is currently illegal in the U.S. under federal law, but increasing legalization in the states is putting pressure on the federal government to soften its laws against marijuana.
There are also plenty of cryptos that aren't currencies but perform some sort of function. Even if bitcoin and other currencies were banned, it's harder to see crypto assets that aren't currencies but have legitimate non-currency utility getting banned.
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