Jordan Belfort, the notorious former stockbroker known as “The Wolf of Wall Street,” has publicly declared his support for the XRP cryptocurrency, which is currently facing a number of difficulties. A recent tweet from Belfort stated he owned a six-figure amount in bitcoin, a cryptocurrency that has been the topic of debate in the cryptocurrency regulatory community.
He also predicts a future price of $10, which would occur if the asset’s market capitalization reaches somewhere in the vicinity of $500 billion. He did not, nevertheless, provide a timeframe for when he believes his price projection would be fully realized.
“I am a significant holder of XRP (six figures)!” says the author. To paraphrase my TV man, it’s the finest thing that’s happened since sliced bread. He estimates that it will cost $10,000. “I’m hoping he’s correct, but for now, I’ll take $10.”
Members of the XRP community responded enthusiastically to his sponsorship and accepted him as one of their own. At the time of publication, XRP was trading at $1.07 and was the 7th biggest cryptocurrency by market capitalization, having a market capitalization of $50 billion.
Additionally, the asset’s value has almost quadrupled since the Securities and Exchange Commission of the United States launched a case against it in December of last year. In spite of this, XRP is still 68 percent behind its all-time high of $3.40, reached on January 7, 2018.
It’s worth noting that Belfort was one of the most vocal detractors of Bitcoin, publicly declaring it to be nothing more than a “scam” in 2018. He is also one of the many ‘reformed’ doubters who has converted to the side of bitcoin supporters.
He is in the same category as billionaire investors Mark Cuban and Kevin O’Leary (Mr Wonderful) from Shark Tank, as well as billionaire investor Carl Icahn. Even gold proponent and adamant Bitcoin critic Peter Schiff stated that he regretted not investing in Bitcoin earlier in the year.
Belfort recently expressed strong thoughts for both Bitcoin and Ethereum, according to Bloomberg. The convicted criminal also brags about being a fan of the National Football League. He now claims to be the proud owner of one of the fabled CryptoPunk NFTs, and he uses an avatar of it as his Twitter profile photo to prove it.
Despite his crypto-support, though, Belfort continues to believe that Tether (USDT) is a “scam” and a “huge swindle.” Prior to this, he claimed that Tether issuances were responsible for the 2017 inflationary impact on Bitcoin (BTC).
Meanwhile, Belfort said that the cryptocurrency business need “huge” crypto regulatory oversight. According to him, regulatory scrutiny would be beneficial to the business in the same way that it was beneficial to the bond market.
Meanwhile, his newly-declared digital asset XRP is presently awaiting a court judgement on the expert discovery deadline, which is expected to be announced soon. The Securities and Exchange Commission (SEC) has asked that the deadline be extended until the New Year, but Ripple has objected and is contesting the proposal.
A large number of members of the XRP community are optimistic as they look forward to the conclusion of the almost year-long case. It has recently been noted that the litigation is proceeding more smoothly than anticipated by Coinbase CEO Brian Armstrong.
