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The original Wolf of Wall Street weighs in on crypto

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‘The Wolf of Wall Street’, says crypto investors should saddle up for at least two years before making any money

Jordan Belfort believes the fundamentals of Bitcoin are really strong and is optimistic for the future.

The 59-year-old former stockbroker says crypto-investors can either bet on protocols with a long-term focus, or put a small amount into smaller projects.

He says there’s limited supply, and as inflation continues to rise, Bitcoin will begin to trade like a store of value.

Belfort has changed his tune from previously criticising the ‘get rich quick’ scheme behind cryptocurrencies.

“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of bitcoin are really strong,” he told Yahoo Finance.

But he says you should still proceed with caution “that most of the time you will lose and be prepared to lose it all”.

Belfort inspired the 2013 film, ‘The Wolf of Wall Street’, which centres around his life in the fast lane after a Wall Street crash.

Bitcoin is hovering below USD $20,000, and is down over 10 per cent in the last week.

Meanwhile, Ethereum has taken a modest drop by around one per cent.

What’s behind the Crypto crash?

Anyone who’s been interested in cryptocurrency knows that it’s volatile with its “boom and bust” cycles. Bitcoin has fallen below $US20,000 for the first time since November 2020.

Over the last 7 months its value has shrunk by more than 70%

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Binance pours in another billion to help crypto

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Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively doubling the size of the fund within just one week.

The additional allocation was announced by Binance’s CEO.

Binance won’t be on its own. Aptos Labs and Jump Crypto, along with other prominent crypto companies joined Binance’s initiative and will contribute $50 million to the fund.

The crypto market has seen a massive decline since the start of the year, leading to several crypto firms going out of business.

The recovery fund will be used to buy distressed crypto assets and support the industry.

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Billion dollar fund to save crypto

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Cryptocurrency exchange Binance is trying to shore up trust in the industry, revealing new details about its industry recovery fund.

It aims to prop up struggling players in the wake of FTX’s calamitous bankruptcy.

Binance plans to devote $1 billion in initial commitments to the recovery fund and may even double that if the need arises.

Binance CEO Chang-peng Zhao shared the public wallet address with its initial commitment to prove the company is acting transparently.

The fund is an attempt by Binance to keep the crypto industry afloat after controversial entrepreneur Sam Bankman-Fried’s exchange FTX filed for bankruptcy earlier this month.

Musk’s distance

Twitter CEO Elon Musk is distancing his new company from FTX’s disgraced founder Sam Bankman-Fried and his alleged ownership of Twitter shares.

In a series of tweets, Musk called out a “news report that alleged Bankman-Fried rolled his $100 million holdings of Twitter into private shares.

Musk discredited the report which alleged Bankman-Fried “owns a sizable chunk of a now privately held and debt-laden Twitter.”

The report claimed an FTX balance sheet prepared after the takeover closed at the end of October and circulated to investors earlier this month.

In a tweet Musk says “SBF/FTX do not own shares in Twitter.”

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Should crypto be banned for NYC retirement savings?

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New York’s Attorney General wants lawmakers to ban the use of crypto assets as an investment option for retirement accounts.

In the letter addressed to members of Congress, the attorney general claimed that US lawmakers need to protect workers’ retirement funds from high-risk crypto assets.

It follows the recent collapse of FTX which delivered billions in losses to retail users.

She added that while investment in crypto assets has found momentum over the past few years, these assets “have no intrinsic value on which their prices are based.”

James also urged Congress to reject a recent law that would prevent the Secretary of Labor from banning digital asset investments.

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