Scott Melker, also known as the “Wolf of All Streets,” has cautioned that the same attacks on cryptocurrencies by the U.S. government “would eventually come for bitcoin, regardless of it being a commodity.” His warning followed recent regulatory actions by various government agencies, including the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), […]
Bitcoin News
‘Wolf of All Streets’ Warns Bitcoin Market Could ‘Cool off Massively’
Scott Melker, also known as the “Wolf of All Streets,” has shared some concerns regarding the bitcoin market. Pointing to his “top signals,” he cautioned that the market could “cool off massively for a few months before hopefully ramping up again in the fall.” This Market Could ‘Cool off Massively’ Scott Melker, also known as […]
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‘Wolf of All Streets’ Expects Mainstream Crypto FOMO to Return When DOGE Hits New All-Time High
Scott Melker, also known as the “Wolf of All Streets,” has revealed his theory on the potential resurgence of mainstream fear of missing out (FOMO) in the crypto market. He asserted that people seem to forget that the mainstream fervor in the last bull market came through dog coins, like dogecoin, and non-fungible tokens (NFTs). […]
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‘Wolf of All Streets’ Sees Start of Major Bull Run for Bitcoin and Broader Crypto Market — Warns of a ‘Huge Bubble’
Scott Melker, also known as the “Wolf of All Streets,” believes that we are at the start of a major bull run for both bitcoin and the broader crypto market. “We will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops,” he warned, adding that […]
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‘Wolf Of All Streets’ Explains Bitcoin Halving Could Send BTC to $240,000
Scott Melker, also known as the “Wolf Of All Streets,” has explained why the upcoming Bitcoin halving could push the price of the cryptocurrency to 0,000. Noting that in the last halving cycle, bitcoin’s price went from the ,000 high to the ,000 high, he stressed that it’s an appreciation of 250.86%. If a similar trend occurs, he said, “we’re looking at bitcoin around 0,000.”
Scott Melker Shares Bitcoin Price Outlook
Scott Melker, also known as the “Wolf of All Streets,” provided insights into the anticipated bitcoin halving event slated for April 2024 in an article published by The Street earlier this week. He also explained why the event could propel the bitcoin price to 0,000. Melker is a well-known trader, investor, writer, and host of the Wolf of All Streets podcast. In 2020, he won the Binance Influencer of the Year Award for North America.
“The bitcoin halving will occur when the number of blocks that are mined reaches 840,000 in April 2024, then the reward per block will decrease from 6.25 to 3.125 bitcoin,” Melker detailed. “This basically means that the new supply being issued is cut in half. It becomes twice as difficult for miners to make money mining bitcoin.”
The Wolf Of All Streets noted that in the last halving cycle, “you go from that ,000 high all the way up to the ,000 high, that’s an appreciation of 250.86%,” adding:
If we even take that next 250% and take it from that ,000 (all-time bitcoin price) high into the next cycle, we’re looking at bitcoin around 0,000.
“I know it might seem like hyperbole to talk about bitcoin being 0,000 or 0,000 or even, one day, million. But if it ain’t broke, don’t try to fix it. This cycle has worked in the past and until I see it not working in the future, I’m going to bet that we see bitcoin over 0,000,” Melker opined.
Many investors are optimistic that the halving will boost the price of bitcoin. Skybridge Capital founder Anthony Scaramucci expects the halving to push the price of BTC to 0,000. “If bitcoin’s at ,000 on the halving, where it roughly is right now, it’ll be 0,000 by mid- to late 2025,” he said. Standard Chartered predicted earlier this month that BTC could hit 0,000 next year. Meanwhile, venture capitalist Tim Draper recently doubled down on his BTC prediction, expecting the price of bitcoin to reach 0,000 this year. The billionaire also envisioned a moment when people don’t want the U.S. dollars anymore.
Do you think the price of bitcoin will hit 0,000 after the halving? Let us know in the comments section below.
‘Wolf Of Wall Street’ Advises Crypto Investors To Hang On To Bitcoin And Ethereum
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 K 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 ,789. BTC currently trades at ,823.
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 ,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 0K 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
NewsBTC
Opinion: Why The “Wolf Of Wall Street’s” Bitcoin Bash Isn’t Valid
The cryptocurrency industry is constantly bombarded with the opinion on-lookers. Some take an interest in a respectful manner, while others do their best to chastise something that they often do not, or even want to understand. The latter happens far too often, with critics continually lambasting Bitcoin, along with other cryptos, with false claims, facts, and beliefs.
Bitcoin: The Good, The Bad And The Scam?
As reported by NewsBTC, Jordan Belfort, former Wall Street investment “guru” and convicted felon, recently spoke out against crypto in an interview with CNBC, putting this industry in a negative public light. Although Belfort, who has been dubbed “The Wolf Of Wall Street” in pop culture, portrayed himself as knowledgeable in the area, it is clear that this is far from the case.
In the aforementioned interview, along with his appearance on CNBC’s “Bitcoin: Boom or Bust” documentary, Belfort highlighted a variety of reasons why “Bitcoin will evaporate.”
Throughout his two appearances on CNBC, two primary qualms prevailed, first was that this anonymous asset can be used for money laundering. Bitcoin’s ethos was never to be a money laundering tool, but rather a form of a distributed digital cash not backed by a central authority. And although cryptocurrencies were given a bad rap by mainstream media following the collapse of the Silk Road, a former Bitcoin-centric illicit goods marketplace, it has become apparent that Bitcoin has an array of utilities.
To further rebut his criticism of this market, Belfort himself used government-issued dollars to launder illegally-obtained money stolen from the accounts of retail investors. So who’s to say that U.S. dollars and other fiat currencies cannot be used for money laundering as well?
His second qualm was that the American government will eventually crack down on Bitcoin and other anonymous crypto assets. But as seen by recent statements from the CFTC’s Chief Innovation officer or SEC Commissioner Hester Pierce, the U.S. government has no intention to wipe the crypto industry out of existence. Rather, U.S. governmental bodies intend to approach the industry in a bid to protect investors, by providing regulation that leaves innovators with some leg room at the very least. Evidently, this is the same with governments around the world as well, with the head of Japan’s SEC equivalent, the Financial Services Agency (FSA), recently revealing that his organization has no intention to curb the development of crypto and related technologies.
Moreover, why would the heavily-regulated Intercontinental Exchange, along with two corporate giants, make a foray into crypto if there were glaring regulatory risks?
Although ‘Wolf’ was clearly talking out of his ass in this interview, this wasn’t the end of his baseless claims, as Belfort added that Bitcoin is slow and expensive for merchants to use. What he clearly left out is that Bitcoin transactions currently cost less than .00 on average, allowing users of the network to send thousands, if not millions of dollars worth of the asset for a negligible fee. For merchants, the fees (or lack thereof) are a lifesaver, as traditional payment processor may often charge a 2-3% percentage fee on each and every purchase.
In terms of speed, Belfort makes no mention of scaling solutions, like the Lightning Network, which will create an environment where Bitcoin’s second-layer can transact near-instantly, with no fears of delay, high fees or low transaction throughput.
So maybe it’s time for Jordan Belfort, the Wolf of Wall Street, to do a bit of research on Bitcoin before speaking out against it the next time
Featured Image from Shutterstock
The post Opinion: Why The “Wolf Of Wall Street’s” Bitcoin Bash Isn’t Valid appeared first on NewsBTC.
Wolf of Wall Street Has Grave Warning for Bitcoin Investors
Notorious penny stock broker and convicted scammer, Jordan Belfort, has a warning for Bitcoin investors, claiming that his experience scamming innocent people gives him a greater ability to spot scams. The so-called “Wolf of Wall Street” offered the warning in a recent interview for a CNBC documentary.
“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin. The whole thing is so stupid, these kids have gotten themselves so brainwashed.”
Belfort’s shallow claim about Bitcoin being a scam is ironic and his apparent concern for potential victims is ironic, considering his history of conducting penny stock scams on unsuspecting customers.
Belfort plead guilty to manipulating investors into buying worthless stocks while running an over-the-counter (OTC) brokerage house called Stratton Oakmont. He pleaded guilty to the charges in 1999, after he, and his then partner, Daniel Porush, admitted to manipulating the stocks of at least 34 companies, which cost investors hundreds of millions of dollars.
Belfort’s story was loosely depicted in Martin Scorsese’s “Wolf of Wall Street” movie, in which Belfort was played by Leonardo DiCaprio.
Belfort: Bitcoin and Crypto Will Likely Disappear Within the Year
Belfort predicts that the cryptocurrency markets will simply disappear within the year, costing all investors a significant amount of money.
He said: “This thing [Bitcoin] is going to evaporate like a mirage. There’s a lot of really honest people who are going to get slaughtered.” He also added that it will likely go bust by the end of 2018, saying that when it does, it will be the “bust heard around the world.”
To support this unprecedented claim, Belfort turns to his own experience with market manipulation, explaining that it is much easier to manipulate Bitcoin than it is to manipulate stocks before the advent of the internet. Belfort explains that when he was manipulating stocks, he had to utilize a team of people to call perspective investors and convince them to make the investment.
Now, people can manipulate the crypto markets using complex trading algorithms and massive purchase/sell orders set at particular prices. Moreover, initial coin offerings (ICOs) have also been a source of fraud in the crypto markets, with the vast majority of ICOs failing or simply disappearing in the first few months following the offering.
Proponents of Bitcoin will refer to its decentralized nature and security protocols that ensure it has utility regardless of price manipulation, but Belfort doesn’t think that its security is what it’s cracked up to be. He also claims that governments will likely shut it down due to its anonymity.
It is important to note that many governments are not, in fact, making attempts to ban Bitcoin or other cryptocurrencies, with the exception of a few countries that offer their citizens highly restricted freedoms. Recently, the U.S. Treasury released their fintech report, in which they recommended a sandbox regulatory environment for cryptocurrencies and blockchain technology. The growing popularity of sandbox regulatory environments suggests that countries like the U.S. are not, in fact, moving to ban Bitcoin or cryptocurrencies.
Belfort ended his interview with a bold warning for prospective Bitcoin investors, saying:
“We don’t even know how bad it really is. For the average person who’s really — you know, with a good heart, who walks in saying, ‘I just — I want — I do because I believe in it, in the long term thing,’ just f—— run.”
Featured image from Shutterstock.
The post Wolf of Wall Street Has Grave Warning for Bitcoin Investors appeared first on NewsBTC.
Real Wolf of Wall Street Takes Up the Bitcoin Bubble Chant
Jordan Belfort, who is the real-life inspiration for the Wolf of Wall Street film, has branded Bitcoin a bubble and cautioned people that it is, in fact, a scam. Belfort, who has experience in running a scam and has the prison time to prove it, is yet another crypto critic who has labeled the worlds most popular digital currency a bubble. He added that the value of Bitcoin will also drop. In an interview withnRead MorenThe post &8216Real Wolf of Wall Street&8217 Takes Up the Bitcoin Bubb
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Crying Wolf? Why You Can’t Ignore Crypto ‘Scam’ Accusations
Sorting the signal from the noise may be harder in the cryptocurrency space than almost anywhere else.
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