‘Wolf of Wall Street’ Jordan Belfort Sets 2021 Bitcoin and Ethereum Targets

Jordan Belfort, the widely known trader whose story was reflected the movie “The Wolf of Wall Street,” has made bullish bitcoin and ethereum price predictions while also pointing out that “massive” regulations for the cryptocurrency space would allow the cryptocurrencies to go mainstream.

In an interview with CoinDesk, Belfort noted that he believes “massive” regulations in the cryptocurrency space could be beneficial for bitcoin, ethereum, and stablecoins. Accroding to him fears of regulations are misguided. He said that similar growth happened after regulators tamed the junk bond market.

Belfort doubled down on his longstanding criticism of tether, claiming it’s a scam and that he is “shocked” by how little legal action has been taken so far about USDT.

Theter now has over 61 billion tokens in circulation, and as the issuance of new coins grew exponentially with BTC’s price rise Belfort implied new coins could be created to pump the cryptocurrency. In 2018, Belfort had said he suspected USDT was a “massive fraud” used to pump BTC’s price.

Some academics have reached similar conclusions, while others differed from it. Tether and its sister company Bitfinex has always denied being involved in any sort of market manipulation and said “issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex.”

Belfort also criticized unrealistic price targets for both bitcoin and ethereum, saying these are used to stir up hype and are disconnected from the bull case for cryptocurrencies. He noted he owns both assets and believes BTC “definitely has a great chance of being looked at as digital gold.”

Per his words, by the end of the year he sees BTC trade between $45,000 and $70,000, and ETH trade between $3,700 and $4,500.

Earlier, Belfort had predicted that Bitcoin would rally to $100,000 after changing his previously critical stance crypto.