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Bitcoins / Breaking News

Why does Jordan Belfort hate ICO’s?

About a month ago Jordan Belfort announced that ICO’s are as bad as penny stocks, this is coming from the guy who was the king of penny stocks. Is there any truth in this? Well we all know there is a risk with any investment, but to compare the two… it sounds more like jealousy than facts.

He says in October:

“It isn’t Bitcoin itself that is the issue, but the fever pitch surrounding the cryptocurrency’s trading, telling the FOX Business Network’s Stuart Varney, “People all over the world who know nothing about what they’re buying, they’re just operating with the greater fool theory, meaning if there’s someone more foolish than me, you’ll buy it a higher price than it’s a great price where it is.  There’s no value, it’s just pure speculation.”

“It reminds me exactly of 2005, 2006 in the mortgage market when you’re getting your haircut and your haircutter says ‘oh, I also sell mortgages now…,’ it’s like everybody and their grandma became involved in real estate and mortgages, that’s what’s happening with Bitcoin.”

He says himself that he doesn’t own any currencies or isn’t interested in getting involved in ICO’s, but is it really worse than what he was doing?

“It’s the biggest scam ever, such a huge, gigantic scam that’s going to blow up in so many people’s faces, It’s far worse than anything I was ever doing.”

Apart from a couple of scams, people of the Crypto Community are very clued up on what they are investing into. What he was doing, was purposely taken money off people with full knowledge of a penny stock not taken off, where as the crypto currencies show that all it takes is little proof in the technology and you’re onto a winning formula.

So Jordan, why do you hate ICO’s?

Image Source: https://www.hollywoodreporter.com/

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Rheace is our social media expert for Crypto Daily, and brings you all of the information you need via our social media accounts. He is a huge crypto enthusiast, who delves deep unto the crypto world. He is currently writing pieces for Crypto Daily, using his knowledge and interest to bring you great pieces of news that is of interest to our readers. He is hugely experienced when it comes to social media, and has worked in the field for many years.