Speaking to Yahoo Finance, Belfort warned against taking a “12-month or 24-month horizon” when investing in Bitcoin, urging people to instead to view Bitcoin as a long-term hedge against inflation, which is currently at a 40-year high in the US.
“With reasonable luck, I think if you take a 24-month horizon you’ll almost certainly make money,” Belfort said.
“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of Bitcoin are really strong.”
“It has a limited supply, and as inflation keeps rising there will come a time when Bitcoin will start to trade more like a store of value and less like a growth stock.”
In recent months, Bitcoin has continued to drop, with Binance’s CEO Changpeng Zhao warning that the world’s largest cryptocurrency could remain below its $69k peak for two years.
Currently, Bitcoin stands at around $19,000, down over 10% in the last seven days.
Disclaimer: This article does not constitute financial advice. All investments are made at the reader’s own risk.