Bitcoin News & Update: Cryptocurrency Hits $7,000 Despite ‘Wolf of Wall Street’ Warning

Bitcoin has been having a rough-and-tumble time of late, but this could finally be changing. The cryptocurrency just passed $7,000 today and appears to be climbing steadily as of this writing. This is despite the warnings that Jordan Belfort gave with regards to the currency. It seems the words from the “Wolf of Wall Street” are falling on deaf ears.

As of writing, the value of Bitcoin stands at $7,086.10, which is a big jump from where it was at during the same period last week. The volatility of the currency suggests that its value could rise or drop at a moment’s notice, but the fact that it cracked the $7,000 ceiling is encouraging for investors.

For even more positive Bitcoin news, Forbes reports that the bears seem to finally be backing off, at least for now. Short positions are reportedly on the decline while long positions are on the rise. As such, it’s no wonder that the cryptocurrency’s value just keeps going up despite the many warnings given regarding it.

The most recent to add their voice cautioning investors about Bitcoin is Jordan Belfort himself. Speaking to CNBC recently, the former Wall Street scam artist lambasted the cryptocurrency, calling it a scam.

“I was a scammer. I had it down to science, and it's exactly what's happening with Bitcoin," Belfort said. "The whole thing is so stupid, these kids have gotten themselves so brainwashed."

The inspiration for the movie “Wolf of Wall Street” added in a different interview by the same network that the anonymous system that Bitcoin is built is the biggest problem. If regulators can’t see what is going on behind the scenes, it allows for scams to occur.

"It's a dark market, you can't see what's going on behind the scenes. People dive into that and use it to rip others off," Belfort said.