THE real Wolf of Wall Street Jordan Belfort has said Bitcoin is a “mirror image” of his infamous scam and insisted he would have made $50billion if it was around back in his day.
The former stockbroker’s market manipulation and fraud crimes in the 1990s were the subject of the 2013 film starring Leonardo di Caprio.
Jordan Belfort claims he would have made £50billion if Bitcoin was around in his scamming days
And the reformed criminal has now said bitcoin – which he previously labelled a “huge, gigantic scam” – is a “mirror image” of how his firm scammed people out of cash.
Speaking on BBC Panorama, Belfort said: “If I had Bitcoin back then I would have made $50billion. Seriously.
“It’s almost a mirror image of what was happening at my company.”
Belfort claimed people making money from bitcoin are putting out “false narratives” and “half-truths” to encourage others to sink their cash into the cryptocurrency.
Belfort made millions defrauding investors with ‘pump and dump’ schemes
Jordan’s life of luxury was immortalised in 2013 flick The Wolf of Wall Street
He said: “If you read them or hear them and don’t fully understand the big picture it is very easy to think they are right – that this thing is going to the stars it’s going to be the next big thing – and then you throw your money at it.
“People are mortgaging their homes, people are taking loans out on their credit cards, they’re putting their last dollars into Bitcoin.
“You know at the end of the day who are going to get slaughtered the most are the average mums and dads.”
The convicted fraudster said investors are piling their cash into Bitcoin because of a “fear of missing out”.
Belfort said Bitcoin is a ‘mirror image’ of the scam his company used to run
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But he warned: “It’s a virtual certainty this ends up at zero or close to it. My own opinion.
“But it’s human nature to jump on the bandwagon, it’s what every great bubble is made of and they’re calling this the greatest bubble of all time.”
Belfort’s company Stratton Oakmont specialised in penny stocks and defrauding investors with “pump and dump” stock sales.
He pleaded guilty to money laundering and securities fraud in 2009 and was sentenced to four years in prison as well as being ordered to pay back $110million (£79million).
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