Jordan Belfort, a.k.a. The Wolf Of Wall Street, was speaking on his YouTube Channel.

And in more good news for crypto aficionados, Belfort also said he expected the price of bitcoin and ether to be “a lot higher.” Further, the Wolf dismissed the FTX imbroglio as a fraud: “FTX was a scam and there is no way to protect against a scam like that.” (Bitcoin.com)

Bitcoin and ether have good prospects

Belfort shrugged off FTX’s bankruptcy woes and said the incident did not imply that the leading cryptocurrencies, such as bitcoin and ether, should be written off too.

“But just because FTX itself was a scam, that doesn’t mean that you can disregard bitcoin completely and say it’s worthless or going to zero. The same thing goes for ethereum.”

The Wolf was bullish about the prospects of the two leading cryptos, despite the all-pervasive negative sentiment in the market after the FTX and other bankruptcies.

“I think it’s a pretty good bet that right now, down here, if you buy bitcoin or ethereum, chances are [they] will be substantially higher in five to 10 years — actually a lot higher, I believe,” he said.

In the same breath, he did warn that investors should only deploy “can-lose” money in cryptos.

“If you are buying bitcoin or ethereum, it should represent a very small portion of your overall investment portfolio,” Belfort suggested. “That’s the money that you can essentially speculate with. You can afford to lose it.”

Nevertheless, he advised investors to limit crypto investments to “under 10%” of their overall holdings.

As for himself, the Wolf of Wall Street revealed that he plans to buy more of bitcoin and ether, though there was a possibility they could fall more in the short term.

Related Story:  More Crypto Players Follow FTX Down The Bankruptcy Route

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