Wolf of Wall Street Lacks Crypto Knowledge, Says Morgan Creek Boss
A senior figure in the crypto industry has sensationally claimed that Jordan Belfort aka the Wolf of Wall Street has no understanding of digital currencies.
Morgan Creek boss Mark Yusko in an interview with CNBC claimed that the bitcoin is very secure. Morgan Creek is renowned hedge fund. He was reacting to a recent statement by Belfort who said that cryptos are very insecure and they are bound to expose users to major risks.
Yusko noted that blockchain is very secure since no hacks have been recorded. He said that compared to the banking sector, users are not required to replace their debit cards. Yusko noted that with blockchain there are no transaction fees charged like banks. He claimed that formal banking sector might lose clients due to this feature.
He noted that hacks on crypto exchanges should not be confused with hacks on individual coins.
Yusko said that the technology development behind cryptos is vital. He added that bitcoin runs on a secure network which is more powerful than the next supercomputer.
Yusko added that it will be just a matter of time before the global economy embraces cryptos and the blockchain technology at large.