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The former stockbroker urged investors to allocate only a small portion of their portfolio to bitcoin and ether, and invest the rest in traditional assets and exchange-traded funds.
The ex-trader known as "The Wolf ofWall Street,” Jordan Belfort, who previously predicted the collapse of the FTX exchange, urged investors to stay away from all cryptocurrencies except Bitcoin and Ethereum:
“Other than these two coins—Bitcoin and Ethereum—I wouldn’t touch any cryptocurrency right now with a ten-foot pole.”
The former stock speculator believes that investing in Bitcoin or Ethereum should be a small portion of the investment portfolio. According to him, it is better to invest money in more reliable assets.
“The best investment is to buy stocks from the S&P 500 or invest money in the Vanguard investment company. Or one of the ultra-low-cost mutual exchange-traded funds (ETFs),” Belfort is sure.
For investors who have invested in cryptocurrencies other than Bitcoin and Ethereum, The Wolf of Wall Street advises to remain calm, not to panic and not to start selling assets at rock bottom.
“When you decide whether to sell cryptocurrencies orno, it’s worth remembering why you invested in this particular project, and if it can still help you achieve your goals, continue to hold assets in the portfolio,” explains Belfort.
The Mad Money show host believes that the cryptocurrency market will collapse in 2023, so he recently called on investors to sell all their crypto assets.
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