Jordan Belfort: "Bitcoin Value Will Fall to Zero'

Written by:
Published on:

‘Way of the Wolf’ author Jordan Belfort explains why the lack of scarcity of bitcoin -- and the readily available forms of other cryptocurrencies -- will ultimately decrease its value close to zero.

"This idea of scarcity is completely false," Belfort claims in response to the idea that only a specific number of Bitcoin will ultimately be mined, and thus help in boosting the crypto-currency's value.  "What happens when you have crypto-currencies is they all trade in one giant basket so, while there might be at least 21 million Bitcoins, every time they create a new crypto-curreny, there's no limit to the amount of crypto-currencies.  It's getting bigger every day."

Watch More Below

Bookmaker accepts most crypto-currencies

video News

Mapping out eCommerce Future in the Age of Bitcoin Cash: Gambling has a Long Way to Go Though

The highly anticipated inaugural Conference is set to take place in Hong Kong in the next few weeks. 

Famed Sports Handicapper, Journalist Missing: Frantic Search Underway

One of the world's top sports handicappers and writers, Dave Malinsky, has not been seen or heard from since Saturday. 

Fundstrat's Tom Lee Makes The Case For A Big Bitcoin Rally Post-Tax Day

Fundstrat's Tom Lee Makes The Case For A Big Bitcoin Rally Post-Tax Day

This could be a great time to invest in bitcoin or other cryptocurrencies now that Tax Day has come and gone (well, sort of, as the IRS site crash has resulted in a bit of an extension). 

Bitcoin Craze More Psychological Than Economical Claims Economist

The latest expert to call Bitcoin a "bubble" is none other than Nobel Prize-winning economist Robert Shiller.

Bitcoin Jumps on News That SEC Will Begin Cracking Down on Crypto Fraud

Pundits on Fox Business surmised a fall in bitcoin's price Thursday following news that the SEC intended to aggressively go after cryptocurrency fraud.