Hot Topics

Advertisement

Wolf Of Wall Street Warns That Bitcoin Will Slaughter Institutional Investors

Wolf Of Wall Street Warns That Bitcoin Will Slaughter Institutional Investors
The ‘Wolf of Wall Street’ Jordan Belfort has recently spoken out against Bitcoin as the product that is going to slaughter its innocent investors. Belfort is best known as the penny-stock broker who did time for scamming investors. His story was recently depicted by Martin Scorsese, in ‘The Wolf of Wall Street’. Belfort warns that as a professional scammer, he made his living from fraud and believes what he saw during the 90’s is exactly what Bitcoin is doing today. According to CNBC, Belfort said:
“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. This thing is going to evaporate like a mirage. There's a lot of really honest people who are going to get slaughtered."
If Bitcoin simply does evaporate, a lot of investors will be left strapped for cash. A lot of people have an awful lot of money in this so the use of the word slaughter probably isn’t as dramatic as it seems. It’s important to note that Belfort doesn’t believe Bitcoin itself is a scam, though overall he thinks that Bitcoin has allowed for a dangerous scam ridden climate to develop. Within Bitcoin, people are trying to rip each other off, in the same way Belfort did with penny stocks in the 90’s. It’s this culture, that will inevitably bring Bitcoin down. According to CNBC, Belfort has added:
"It's not that bitcoin's a scam but its nature allows scams to occur. It's a dark market, you can't see what's going on behind the scenes. People dive into that and use it to rip others off. It could go bust within the year, and when it does, it will be the bust heard around the world."
Of course, many do believe that adoption is something that could stop this happening, through regulation, Belfort disagrees though, as:
"Central banks don't want it, they've spent all this time trying to stop money laundering, why now allow something that's anonymous, and lends itself to making money-laundering easy? I don't believe there's any shot in the world they'll let that happen."
Should we listen to Belfort? It would be wrong to ignore Belfort as he naturally has an eye for this sort of thing, but at the same time it is wrong to take the word of one person as gospel in this industry. A Bitcoin collapse would slaughter investors, but there are an awful lot of indicators to suggest that Bitcoin isn’t going to collapse anytime soon. Instead, you should take this advice as a part of your overall research, don’t take it to heart but indeed, take heed. And if you’ve not watched The Wolf of Wall Street yet, go and do that, it’s a cracking film. References Belfort talks to CNBC

You can share this post!

Advertisement

Advertisement

crdt banner

Adam back: Bitcoins bullish trajectory isn’t over yet

Adam back: Bitcoins bullish trajectory isn’t over yet

Quick Take

1 minute read

  • Currently priced above $19,000 at the time of writing, bitcoin is on a trajectory that is very exciting. 
  • So passing numerous key resistance levels over the course of this year in the last few months, the leading cryptocurrency and its adoption rates are rising consistently. 

Currently priced above $19,000 at the time of writing, bitcoin is on a trajectory that is very exciting. Surpassing numerous key resistance levels over the course of this year in the last few months, the leading cryptocurrency and its adoption rates are rising consistently. Even making its way back into the news bitcoin has seen more than 140% in gains this year. 

Adam Back believes that the good times are yet to be over though as it will eventually fully succumb into a digital world.

Writing in a tweet earlier this week, the chief executive officer of Blockstream gave the opinion that bitcoin and its power as a form of digital gold can make it a game-changer in the future and the world of financial solutions.

This all came about when Adam was replying to a comment from the well-known crypto analyst Willy Woo who compared the spike in bitcoin to the relationship between early technologies and the successes that followed.

Bitcoin has been compared to digital gold on numerous occasions over the years. Many people see bitcoin though as a much more secure and faster option to the precious-metals as a credible store of value. Critics of the leading cryptocurrency would say differently however but many people have projected that the digital asset will soon overtake gold and become the dominant store of value asset in the future.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related TAGS:

You can share this post!

Advertisement

crdt banner

Raoul Pal expresses his bullish stance on bitcoin as he moves in on the industry

Raoul Pal expresses his bullish stance on bitcoin as he moves in on the industry

Quick take

1 minute read

  • The spike in the price of bitcoin over the past few months has been nothing short of incredible. 
  • Priced at $19,479 at the time of writing, bitcoin is well on its way to reaching its all-time high of $20,000 that it hit back in 2017 around the same time of year.

The spike in the price of bitcoin over the past few months has been nothing short of incredible. Priced at $19,479 at the time of writing, bitcoin is well on its way to reaching its all-time high of $20,000 that it hit back in 2017 around the same time of year.

Many people throughout the industry believe that the surge in the price of bitcoin has been triggered due to institutional money. 

Whereas the crypto industry has been spiking in price significantly over the past few weeks, the markets for the precious metal of gold has been seeing a huge outflow in recent times. Less than seven days ago, one analyst highlighted that gold so it’s the largest ever weekly outflow which is interesting because the timing means that it comes when prominent billionaire companies are indicating a bigger interest in bitcoin.

One long time investor in gold Raoul Pal, the chief executive officer of Real Vision and a veteran at Wall Street has recently started liquidating his positions in the precious-metals and put money into bitcoin and other digital assets.

Writing in a tweet earlier this week on the 30th of November, the veteran investor highlighted that he is dumping all of his holdings in gold and trading it in for bitcoin and ethereum.

Many more institutional investors are looking to the world of crypto in a more serious manner as the leading coin spikes to highs it hasn’t seen since 2017. Big institutions and conglomerates are also looking towards the asset and industry in a more proper and serious manner too.

   Of course, despite his excitement on bitcoin, Pal clearly wants to be a part of the shift that is occurring in the financial world as it moves more digitally. He has said:

“After all, it isn’t just a currency or even a store of value. It is an entire trusted, verified, secure financial and accounting system of digital value that can never be created outside of the cryptographic algorithm… It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement

crdt banner

BTC/USD Establishes New All-Time High at 19915.14: Sally Ho's Technical Analysis 1 December 2020 BTC

BTC/USD Establishes New All-Time High at 19915.14:  Sally Ho's Technical Analysis 1 December 2020 BTC

Bitcoin (BTC/USD) reclaimed some lost ground early early in today’s North American session as the pair appreciated to the 19500.00 area trading as low as the 18109.00 area earlier in the Asian session, right around the 100-hour simple moving average.  Traders observe that BTC/USD established a fresh all-time high at the 19915.14 area during the European session after Stops were elected above the previous all-time high of 19891.99.  Traders are eyeing the 20311.36, 20534.46, and 21909.24 areas as upside price objectives.  The pair stopped short of testing the 15808.49 area during the recent move lower, representing the 23.6% retracement of the wide appreciating range and absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the recent decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18291.07 and the 50-bar MA (Hourly) at 18943.43.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19915.14/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

You can share this post!

Advertisement

crdt banner

Bitcoin Price Analysis: BTC Renewed Record Highs

Bitcoin Price Analysis: BTC Renewed Record Highs

This analysis brought to you by RoboForex

On Tuesday, December 1st, the Bitcoin price renewed its high at 19,731 USD. It has just corrected a bit and is now trading at 19,484 USD.

On D1, the BTC/USD pair renews the highs after a correction. The quotations rest near 100.0% Fibo. The aim of growth after a breakaway of this level and the upper border of the ascending channel is 20,800 USD. The MACD histogram is still above zero but declining gradually, which might mean that the pair will correct before growing on. The signal lines of the indicator have formed a Black Cross and keep growing, supporting further growth of the quotations. Both of these signals make a correction during the growth to the resistance level rather probable. The aim of the uptrend after the correction is 20,800 USD.

On H4, the perspectives of BTC/USD for further growth after the correction are also bright. The Stochastic keeps rising to the overbought area, promising further development of the ascending dynamics. However, a correction in the process is still probable. The aim of the pullback in our case might be the support at 18,200 USD. The aim of the growth after the correction is the same as on larger timeframes – 20,800 USD.

Well, rather symbolically, the BTC set new price records on the first day of winter. It renewed the high on the Binance and Bitstamp exchanges thanks to the agitation of individual investors. The media noted the interest towards the cryptocurrency, and the letter only increased.

One reason for such a “crazy” demand for the BTC might be the craving of investors for new mechanisms of saving their money. The cryptocurrency has grown noticeably compared to the lows of this March, and this is a weighty argument. On Twitter, the BTC rate is almost the hero of the day, the corresponding tag being the most clickable one.

Not only individuals push the BTC rate forward. The interest of institutional investors is also rather pronounced, sometimes even more crucial than the activity of individual users. Several opinion-makers from Wall Street have spoken in favor of the BTC, which attracted even more attention to the cryptocurrency.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related TAGS:

You can share this post!