Piers Morgan Labels Bitcoin Traders as “Mugs”

Despite his initial doubts and prediction of Bitcoin’s crash, Belfort now acknowledges the digital currency’s validity

On a recent show of Piers Morgan Uncensored, Piers Morgan and his guest Jordan Belfort, the “Wolf of Wall Street,” discussed the fluctuating cryptocurrency market.

Discussing Bitcoin traders, Morgan referred to them as “mugs” and was skeptical about the digital currency’s future:

“If enough mugs buy into it, trading amongst themselves, its price will rise,” he speculated.

Belfort countered, suggesting the current Bitcoin market comprises “really smart mugs,” indicating a shift to a more informed investor base for Bitcoin.

He stated that this evolution confers a newfound credibility to Bitcoin, previously absent.

Evolution from critic to proponent

Belfort, as reported by U.Today, revised his stance on Bitcoin in 2021, despite having forecasted its failure in 2017.

Now recognizing the intrinsic value of Bitcoin, especially due to its limited supply, he acknowledged a significant transformation since the days it was primarily linked with illegal activities.

Belfort pointed out that Bitcoin now appeals to a more discerning investors’ section, including through ETFs, demonstrating its broader acceptance and established credibility.

He still warned about other cryptocurrencies, likening some to historic “penny stocks” that were notorious for defrauding investors.

Favoring the S&P 500 over risky ventures

Belfort drew from his rich experience to guide the audience away from speculative investments, equating the market to a “rigged casino” where the odds are overwhelmingly against the small investor.

He emphasized the market perils such as insider and high-frequency trading that benefit large investors disproportionately.

Despite these odds, Belfort encouraged a steadier investing approach, promoting the S&P 500 as a more secure and reliable method to build wealth, noting its practice of including only top-performing companies.

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