Belfort said it does not believe that Bitcoin is a fraud, but it also does not bet on the digital currency. According to him, the cryptomoeda was created by "financial anarchists" and that therefore, would be the "perfect storm for the manipulation".
The rise in price can be attributed to speculation and misuse, according to Belfort.
"Bitcoin is designed to be used as a currency, but it is being used as an investment," he said.
He also cited the case of Olaf Carlson-Wee, founder of Polychan Capital and one of the first to adopt Bitcoin , which inflated the price of the coin by selling all its stock and buying Bitcoin Cash and later declaring that the original blockchain was dead, as one of the possible types of manipulations in the market.
The US investor also predicted that the world's most famous digital currency could fetch $ 50,000 before it collapsed.
For him, Bitcoin is nothing more, nothing less than "a wolf in sheepskin".
In September 2017, Belfort said the big problem with the currency was the ease hackers had to steal it. In October of the same year, the statement was about the Initial Coin Offers (ICOs) that would be "the biggest blows ever seen."
Confirming his disbelief in the innovative technology, Belfort assured that he never invested in crypto-coins.