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The recent collapse of the crypto exchange FTX dragged the prices of most digital currencies, such as Bitcoin and Ethereum, to their lowest levels this year. However, Jordan Belfort, who is also known as The Wolf of Wall Street, expects BTC and ETH to rise substantially higher and recommends holding the tokens.
“FTX was a scam and there is no way to protect against a scam like that,” Belfort commented on FTX’s recent implosion, Bitcoin.com reported. The crypto exchange filed for bankruptcy on November 11, 2022.
However, he believes that the implosion will only have a limited impact on BTC and ETH. “But just because FTX itself was a scam, that doesn’t mean that you can disregard bitcoin completely and say it’s worthless or going to zero. The same thing goes for ethereum,” Belfort said.
Despite the recent crypto market sell-offs, he remains optimistic and believes that the prices of Bitcoin and Ether will increase substantially. However, his optimism is only for BTC and ETH as he is skeptical about the rest saying that besides the two largest cryptos, he “literally would not be touching crypto right now with a 10-foot pole.”
Meanwhile, for investors who already own other cryptos, Belfort suggested that they should take a good look at each coin and decide whether they should be sold or not. “This has to be based on what you bought and what you think it’s worth right now,” he said.
It would probably help if investors retrace their investment decisions and ask why they bought the coin. “Was there something behind your purchase, were you expecting good news to come out, do you think the company was actually doing something and we’re going to have some breakthrough technology?” he asked.
“Do some analysis, do some research … Is there any problem that this coin or token is solving or we’re just buying into all the hype and the hoping that it would continue to go because if that’s the case honestly you know chances are most of these things are not going to ever come back,” he added.
