Profit from Bitcoin Should be Expected in 3-5 Years: the Forecast of the "Wolf of Wall Street"

Legendary stockbroker Jordan Belfort, whose biography formed the basis of the acclaimed Hollywood film “Wolf of Wall Street”, told Yahoo UK that he would be very surprised if Bitcoin investments did not turn out to be profitable over the next three to five years. In fact, with a previous conviction for financial crimes, the reputable sales advisor and coach advised investors to focus on the longer term and not make huge profit bets in the short time frame of 12 to 24 months when considering investing in Bitcoin. The minimum period for which it will be possible to get a tangible profit from BTC hodling, according to Belfort, is 36 months. Moreover, the businessman did not express specific arguments in support of this point of view. This suggests that he, like many crypto analysts, is now inclined to change his forecasts quite quickly due to increased market instability. By the way, Belfort can hardly be called a fan of Bitcoin. Back in 2018, he once said that BTC is based on the Great Fools Theory and that investors should leave this system in order not to lose all their money. He went on to even propose a ban on Bitcoin, but this emotional proposal was quickly forgotten as it was made against the backdrop of a massive bear market.

 

 

BitMEX Restricts Access for RF Citizens from the European Union

Seychelles-based cryptocurrency exchange BitMex has restricted Russians living in the European Union from accessing its platform. The official message of the trading platform says that the access of Russians to the services provided by BitMex will be completely closed from the moment the 5th package of sanctions against the RF for the bloody war unleashed by the country in Ukraine comes into force, which will happen on July 11. At the same time, users will not be able to log into their account, make withdrawals and open deposits, if they are not provided. The only exceptions are citizens with dual citizenship of the European Union or Switzerland. They will not be subject to restrictions as long as their place of residence is outside the RF. However, they will need to provide additional information to prove their status. BitMex intends to fully synchronize its work with the terms of the upcoming sanctions. The same can be said about all the major cryptocurrency exchanges, including the world leader in trading volume, the crypto giant Binance. In the meantime, the exchange had to make some adjustments to take into account the changes in the new stage of its activities. Back at the beginning of this year, BitMex laid off staff by laying off 25% of its employees with guarantees of social support.

 

 

25 Closed Crypto Exchanges in a Month: the Consequences of a Bear Market

According to the Finbold online archive, as of today, July 6, 2022, there are 500 cryptocurrency exchanges registered in the world, which is 25 trading floors less than exactly a month ago, as evidenced by the Wayback Machine archive data from CoinMarketCap. Some experts believe that the closure of cryptocurrency exchanges is partly due to the fall in the overall capitalization of the cryptocurrency market and the value of major digital assets. However, in addition to crypto market’s collapse, other macroeconomic conditions, such as rising inflation rates, have also affected exchanges, which have made it much more difficult to support businesses. In one basket of reasons for the exit of crypto exchanges, along with global economic changes, there were also massive cascading sell-offs of major digital currencies, which clearly correlate with a wider decline in stock markets, especially in the technology sector. The collapse of the Terra ecosystem (LUNA) also added fuel to the fire, which, to some extent, undermined confidence in the sector as a whole. The most dramatic impact of these changes has been for small crypto exchanges, as some investors have decided to suspend trading activities and leave their assets in anticipation of the next market rally. In addition, the bear market escalation forced retail investors to exit the market. And this means that the industry is losing enthusiasts.