$300,000 FOR THE FIRST TIME
EVER.
OKAY, THEY'VE BACKED OFF A
LITTLE, BUT THEY'RE STILL WAY UP
THERE.
>>> HOW ABOUT BITCOIN?
WHAT'S THE PRICE RIGHT NOW?
JUST UNDER $19,000 PER COPY,
19,100, I SHOULD SAY.
JOINING US, THE WOLF OF WALL
STREET, HIS NAME IS JORDAN
BELFORT.
JORDAN, WELCOME TO THE PROGRAM.
>> THANK YOU.
A SCAM.
AND NOW YOU SAY THAT BITCOIN IS
A SCAM.
ARE YOU GOING TO TELL US WHY?
DONE A LOT OF THINKING ABOUT
THIS OVER THE WEEKEND BECAUSE
I'VE BEEN GETTING SO MUCH
TRACTION ON THE BITCOIN THING.
EVERYONE'S SO INTERESTED IN
HEARING MY OPINION BECAUSE I I
DID WHAT YOU SAID, AND I HAVE A
REALLY GOOD PURVIEW INTO THAT
MINDSET THAT CREATES BUBBLES AND
THINGS LIKE THAT.
SO BITCOIN ITSELF, IT'S NOT THAT
BITCOIN IS A SCAM.
THE TECHNOLOGY BEHIND BITCOIN,
BLOCK CHAIN TECHNOLOGY, IS NOT A
SCAM.
THE PEOPLE THAT ACTUALLY
INVENTED -- THEY'RE NOT SURE
WHO, BUT THEY HAD IT WAS MORE OF
A SOCIAL EXPERIMENT THAN
ALTERNATIVE MONEY.
WHAT'S HAPPENED IS THAT THERE'S
PEOPLE THAT HAVE USED THIS
PLATFORM OF BLOCK CHAIN
TECHNOLOGY TO CREATE A MASSIVE
MANIPULATION AND A BUBBLE
BECAUSE THERE ARE SOME INHERENT
PROBLEMS RIGHT NOW BECAUSE
WHAT'S HAPPENING IS BITCOIN IS
THEORETICALLY CURRENCY, RIGHT?
BUT IT'S NOT BEING USED AS A
CURRENCY EXCEPT FOR A TINY
PORTION OF IT.
WHAT HAPPENS IS IT'S LIKE YOU
HAVE A STOCK, AND YOU MIGHT HAVE
OR LESS.
BUT THE FREE TRADING FLOAT WAS
ACTUALLY OUT THERE BEING BOUGHT
AND SOLD IS VERY, VERY SMALL.
INVESTMENT.
EVERYBODY, NO ONE'S REALLY USING
IT AS CURRENCY, VERY, VERY
SMALL.
WHAT HAPPENS IS ANY BIT OF
BUYING WILL DRIVE IT UP BECAUSE
THERE'S NOT SUCH AVAILABLE. --
NOT MUCH AVAILABLE.
YOU HAVE PEOPLE THAT CAN EASILY
DRIVE IT UP, AND WHAT HAPPENS
IS, I'LL GIVE YOU AN EXAMPLE.
I GET AN E-MAIL SAYING GET RICH
WITH BITCOIN IN MY SOCIAL MEDIA.
THE NEXT GREAT CRYPTOCURRENCY,
GET RICH ON -- SO THEY'RE
CREATING MASSIVE INTEREST AMONG
THE MILLENNIALS WHO DON'T KNOW
ABOUT BUBBLES, HAVEN'T LIVED
THROUGH ALL THIS STUFF, RIGHT IN
AND WHAT'S HAPPENING IS THEY'RE
CREATING THIS MASSIVE DEMAND.
AND IT'S ALMOST LIKE WHEN IT'S
ALL OVER IN THE END AND BITCOIN
IS BACK DOWN TO SOME, YOU KNOW,
MUCH, MUCH LOWER PRICE -- IT
MIGHT GO HIGHER STILL, VERY MUCH
WE THINKING?
IT'S THAT THE PRICE IS RELATED
TO NOTHING IN REALITY RIGHT NOW.
STUART: OKAY.
WE ARE TOLD THAT THERE ARE ABOUT
A THOUSAND PEOPLE THAT GOT IN
EARLY, BIGTIME INVESTORS, THEY
GOT IN EARLY, AND THEY CONTROL
40% OF ALL BITCOINS.
THIS IS WHAT YOU'RE TALKING
PARTIALLY, YES.
STUART: THAT PRICE UP, INSIDERS
THAT KNOW EACH OTHER GET IT
GOING, GET IT GOING, AND THEY
SELL JUST AS THE LITTLE GUY, THE
ORDINARY INVESTOR, IS COMING IN
AND LEFT HOLDING THE BAG.
IS THAT PART OF YOUR THEORY TOO?
>> IT'S EVEN WORSEN THAN THAT.
IT'S THE EVEN WORSE THAN THAT.
THAT'S PART OF IT, FOR SURE.
BUT WHAT'S HAPPENING NOW IS
BECAUSE OF THE NATURE THAT YOU
REALLY CAN'T USE BITCOIN, IT
TAKES TOO LONG -- THERE'S A LOT
OF LIMITS TO BITCOIN.
AND ONE DAY VERY SOON THERE'S
GOING TO BE ANOTHER TECHNOLOGY
PROBABLY SPONSORED BY A MAJOR
BANK OR GOVERNMENT THAT'S GOING
TO TAKE HOLD AND BE GREAT AND
THINGS THAT DON'T LEND ITSELF TO
BEING USED VERY QUICKLY AND SO
FORTH.
WHAT HAPPENS IS WHEN PEOPLE BUY
BITCOIN, IT'S NOT THAT THEY GO
OUT AND SPEND IT AND IT GOES
THEY'RE BEING USED IN THE WORLD.
BITCOIN'S NOT BEING USED.
IT'S BEING STOWED AWAY.
IT KEEPS PUTTING ALL THE FLOAT
BIT OF COMMAND, -- DEMAND.
WE'RE IN THAT WEIRD PHASE,
EVERYBODY'S BUYING, THERE'S NO
RIGHT NOW.
TAKE AWAY THAT BITCOIN ITSELF IS
NOT A SCAM, BUT WHAT'S HAPPENING
IS THE WAY IT'S BEING TRADED IS
A MASSIVE SCAM AND A MASSIVE
BUBBLE.
STUART: WELL, YOU DID YOUR
HOMEWORK --
>> DOES THAT MAKE SENSE?
STUART: IT MAKES A LOT OF SENSE.
>> IT'S BEEN BOTHERING ME
BECAUSE I'VE BEEN THINKING ABOUT
IT.
STUART: YEAH.
GOOD STUFF, JORDAN.
I'M SORRY, I'M OUT OF TIME, BUT