The year 2022 has been a very difficult year for Bitcoin and the general crypto market. In the first 11 months of the year, BTC fell about 65%. When it appeared that BTC became more stable at the $20K price, the FTX contagion broke out.
The negative event has sent the leading coin, Bitcoin, down about 75% from its peak price of $68,789. BTC is currently trading at $16,823.
Nevertheless, Bitcoin is still more promising than the rest of the altcoins. Therefore, several experts still believe that potential crypto investors can now choose BTC as it predicts a positive future.
As for the Ethereum token, its price change over the last 24 hours is -1.94%, with the trading price just above $1,200. Ethereum is also believed to be profitable in the long run given the transition to 2.0 and its potential to revolutionize the web.
Bitcoin and Ethereum as Profitable Investment Options
Meanwhile, a licensed stockbroker, Jordan Belfort, has done just that expressed his thoughts on the profitability of Bitcoin and Ethereum. In his commentary, he stated that both digital tokens are the safest to venture into.
He urges crypto investors to get into the ecosystem with little capital. This is due to the unpredictable risks and volatility of these digital tokens.
He further shared some light on the recent FTX incident. He cited that investors were unable to identify the exchange scam. But this is not a measure to discount investments in Bitcoin and Ethereum.
The stockbroker also announced that its BTC holdings are still intact and more purchases have already been made. His actions are backed by a belief that BTC will deliver 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 about his past dealings. At the time, most transactions were tied to the fading “Great Fools Theory.”
This theory proposes high prices due to the overpriced securities sold to so-called bigger fools. Such trades take place regardless of the value of the securities and continue until the market runs out of bigger fools.
The name The Wolf of Wall Street is inspired by the popular 2013 movie – The Wolf of Wall Street. It is a movie written by Terence Winter and directed by Martin Scorsese. The storyline focused on 2007 Jordan Belfort who showed great passion as a stockbroker in NYC (New York City), United States.
At the beginning of 2021, the stockbroker observed the rapid development of Bitcoin and finally chose it. During that period, Belfort had hoped that the price of BTC would rise to $100,000 before 2021 was completed. His rationale was based on the fixed maximum supply of tokens, which has remained at 21 million coins.
Although the expectation was never fulfilled, his expectations are still high, which is evident in the way he speaks highly of the coin. According to him, investors should not expect Bitcoin to yield sudden profits. Instead, it is better to venture into the coin with a long-term mindset to get the best out of it.
Featured image from Pixabay, chart from TradingView.com