Jordan Belfort: Some ICOs Are “The Biggest Scam Ever”

Fortune, Business Insider, and The Financial Times this morning report new comments from Jordan Belfort on cryptocurrencies and ICO enthusiasm.

Belfort says some ICOs are outright scams that will “blow up in investor’s faces.”

Fortune’s article points out that Belfort is, however, able to hold two ideas in his mind at the same time when it comes to cryptocurrencies, unlike Jamie Dimon.

Last month, the JPMorgan CEO called Bitcoin a “fraud” in a widely-circulated interview.

Belfort doesn’t have anything against cryptocurrencies. He just doesn’t like ICOs.

“It is the biggest scam ever… it’s far worse than anything I was ever doing.”

Now zoom out for a second and think about the big picture here. The Chinese ban ICOs. Forcing crypto money out of the country.

Agree with cryptocurrencies or not, we should all be thankful we live in a country where we have the freedom to speculate as we choose.

That goes for marijuana too. You might not like it. You might not care one bit about it.

But states have the freedom to take their own approach to pot.

And we as consumers have the freedom to choose to speculate in cryptocurrencies and pot stocks.

Our economy’s not perfect. And when politicians step in, things can get messy.

When Jordan Belfort and Jamie Dimon are making headlines warning folks of the dangers of certain markets while those markets continue to race higher, you must at least acknowledge capitalism in action is a beautiful thing.

Maybe the best of all things. And that’s where we draw the line.

Market participants should always be free to make their own decisions and spread their capital around as they choose.

Be careful. Gather information. Heed warnings as you see fit. But in the end, you’re free to invest (or not invest) as you and you alone decide. That’s always a good thing.

Now let’s take a look at the markets this morning…

Market Rundown for Mon., October 23

S&P 500 futures are up a tick this morning at 2,575.

Oil’s up half a percent at $52.11. Gold sits at $1,276.

Bitcoin’s back on the verge of $6,000 today at $5,922.

Target (NYSE: TGT) recently released details on the company’s holiday plans to compete with Wal-Mart and Amazon.

Shares rallied 2.20% to close at $61.76. Shares are up another few cents this morning.

Target stock this year:

TGT chart

Wal-Mart and Amazon get all the press these days. They’re at war.

Target’s a sleeper that could surprise through the holiday season.

Talk with you again on Wednesday.

For the Rundown,

Aaron Gentzler

Aaron Gentzler

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Aaron Gentzler

Aaron Gentzler is the publisher of Seven Figure Publishing. He is also the editor of The Rundown and has been with Agora Financial / Seven Figure Publishing since 2005. He's been covering technology and markets for over a decade.

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