The cryptocurrency market is experiencing one of the longest dips as investors focus on a possible bottom. Amid its ongoing uncertainty, investors are assessing conditions in anticipation of a future rally.
Belfort shares tips that can be evaluated in the cryptocurrency markets
Jordan Belfort, a former stockbroker known as “Wolf of Wall Street”, made new statements. He previously shared his tips for managing the market during high volatility phases. In the event of a market correction, we, as Kriptokoin.com, convey to you the tips that Belfort draws attention to.
The first clue comes about Bitcoin
The investor says that Bitcoin (BTC) is a long-term store of value. He also argued that he could generate returns after at least three years. According to Belfort, Bitcoin has strong features that make it more attractive in the long run. In particular, Belfort pointed out that the views that Bitcoin will return to zero are erroneous. According to the former stockbroker, Bitcoin will continue to rise:
If you take a three, four or five year horizon, I’d be shocked that you didn’t make any money. Because the underlying foundations are really strong. I think it’s only a matter of time before you know where it is. It has a limited supply.
The expert believes that the potential of Bitcoin will be realized when the crypto industry is fully regulated. Although there are thousands of cryptocurrencies available, Belfort examines these 2 cryptocurrencies. According to Belfort, investors should follow Bitcoin and Ethereum (ETH). He also argues that these two cryptocurrencies have strong fundamentals. Belfort specifically addressed the limited supply and rising adoption curve of BTC. He suggests there are two key catalysts that can trigger any rally.
Jordan Belfort takes second place next bull cycle
According to the former stockbroker, the crashes are a purge. He says that Bitcoin is one of the cryptocurrencies that survived the market crash:
Bitcoin is the kind of cryptocurrency that will come out of this cleanup. It’s not going anywhere anytime soon. Its situation is very similar to Ethereum. The first crypto with truly broad use cases in terms of decentralized finance (DeFi) for people to develop other technologies. So if you look there, there is a killed Ethereum. But if you’ve been on Ethereum for a long time, you know, nothing is guaranteed. Luck will return quickly in the next three to five years. will happen in the next bull cycle.
However, the expert warns about cryptocurrencies other than Bitcoin and Ethereum. According to him, none of them have been fully proven yet. However, Belfort acknowledged that some solid projects could still survive.
Do not panic in the cryptocurrency market!
According to Belfort, investors should not panic and sell while the cryptocurrency market is grappling with widespread fear. In his personal opinion, he said that he believes current corrections are a way to get rid of weak assets:
Right now you are ready to panic and sell your Bitcoin and Ethereum. I will never tell you what to do. However, you should take a deep breath and observe carefully. The entire cryptocurrency market experienced fear. Okay, I’m not telling you to buy in droves right now. However, if you look at the past at the point you want to draw attention to, I say that these are the moments where the most money is made in the market right now.
The cryptocurrency market hit highs in 2021. Afterwards, it experienced decreases due to the current macroeconomic conditions in 2022 and many other factors. Assets like Bitcoin are trying to find a bottom. However, the recent FTX crisis and allegations that CEO SBF embezzled client funds triggered the collapse. As a result, the market wiped out over $150 billion in capital. FTX’s native altcoin, FTT, was among the most affected altcoins. FTT lost more than 80 percent of its value, with a capital outflow of approximately $2.5 billion.
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