Jordan Belfort, The former stockbroker, known as “The Wolf of Wall Street,” explained why he changed his mind Bitcoin BTC/USD and the broader cryptocurrency market.

What happened: In a recent interview with Yahoo FinanceBelfort said he still stands by everything he said about cryptocurrency in 2017, except for one thing.

“I was wrong about bitcoin going to zero, but I wasn’t looking closely enough,” he said.

“I just said it was a scam because it looked like it because of all the ear tags. What turned me around was slowly but surely as it [Bitcoin] collapsed and fell to $3,000, it was still a multi-billion dollar market.”

See also: IS BITCOIN A GOOD INVESTMENT?

The fact that bitcoin didn’t see its market cap fully evaporate, how Terra LUNA/USDprompted Belfort to pay more attention to the market-leading digital asset.

It was at this point that Belfort’s friend, an early cryptocurrency adopter, brought the “digital gold” narrative for bitcoin to his attention.

Initially, Belfort said he was skeptical that the asset would be regulated in the same way as traditional financial markets, but later became convinced when he noted that Bitcoin had “enough catches” to earn the trust of US Senators and mainstream institutions to win.

After that, Belfort saw the risk of Bitcoin being banned as “pretty much over.”

“They’re going to regulate, they’re going to tax it, but I think that’s a good thing,” he said.

Long term, he said he is very bullish on Bitcoin and Ethereum ETH/USD price increase.

Price promotion: At press time, BTC was trading at $19,660, down 1.9% over the past 24 hours, and ETH was trading at $1,436, down 4.19%, according to data from Gasoline Pro.

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