For the most part, analysts seem mixed on the idea of crypto regulation. Several of them claim that more regulation would hinder the space and lead to a lack of innovation. They also say it could get in the way of privacy and financial independence. However, there are some money-minded figures out there – like Jordan Belfort – who believe regulation would have the opposite effect and allow bitcoin and crypto to soar like they never have.
Jordan Belfort Is All for Crypto Regulation
Despite spending many years as a Wall Street trader, Belfort has much of his fame nowadays thanks to the film, “The Wolf of Wall Street,” an Oscar-nominated project starring Leonardo DiCaprio in the title role. He is once again stepping into the limelight and is now calling for “massive” regulation of the crypto space, as he is confident this would allow bitcoin, Ethereum, and all their digital counterparts to become mainstream and legitimate.
In a recent interview, he stated that anyone who is afraid of heavy regulation is not seeing the situation under the right lens. He comments:
The sooner that massive regulation comes into the market, the better it is for bitcoin, stable coins, and everything else.
He also mentioned that the situation surrounding crypto is the same as the one that initially surrounded the junk market 30 and 40 years ago. He commented that without present regulations, the world of junk bonds would have gotten completely out of control, and he feels crypto could wind up doing the same. He states:
Everyone said, ‘Oh no, the regulators are coming in! [But ultimately] the market got much bigger, so I think it’s a good thing.
Jordan Belfort describes himself as a “long-term bitcoin bull,” though things weren’t always this way, and Belfort – arguably – is arriving late to the party. The former Wall Street player dismissed bitcoin four years ago in 2017, saying that he had no hope in the asset ever reaching a prominent status, though he has since rescinded this opinion and even said last March that he believed the currency could reach a six-figure price of $100,000 per unit by the end of 2021.
Not a Tether Fan
Now, however, he believes bitcoin will likely end the year between $45,000 and $70,000, while he thinks ETH could wind up in the high $3,000 to low $4,000 range. Still, he is confident in BTC’s future, claiming:
I think [bitcoin] definitely has a great chance of being looked at as digital gold.
During his interview, Belfort also took aim at Tether, arguably one of the world’s biggest stable currencies, and cited a new report that executives are under investigation for allegedly engaging in bank fraud. He calls Tether a “scam,” and says he is surprised by how little has been done to stop the asset from going any further.