Jordan Belfort, the former stockbroker whose memoir was made into a film with Leonardo DiCaprio, has warned against investing in meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB). Belfort stated that “people are taking advantage of an unregulated market”, stressing that “the sooner governments step in, the better it is for crypto.”
The Wolf of Wall Street’s advice on Dogecoin and Shiba Inu cryptocurrencies
Jordan Belfort, also known as the Wolf of Wall Street, warned investors not to invest money in meme cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) in an interview published Tuesday with The Sun.
“I’m a fan of blockchain, but there is a lot of nonsense out there, a lot of bullshit coins that serve no purpose and are only there to separate people from their money,” he said.
Belfort is a former stockbroker whose memoir was adapted in a film titled “The Wolf of Wall Street” starring Leonardo DiCaprio and directed by Martin Scorsese. Belfort founded Stratton Oakmont, which acted as a boiler room, marketing penny stocks and tricking investors with “pump-and-dump” stock sales. In 1999 he pleaded guilty to fraud and was jailed for 22 months; he is now a motivational speaker.
“I got greedy. … Greed is not good, ”he said in 2014 at a motivational interview in Dubai.
The writer of The Wolf of Wall Street told The Sun:
You hear crazy stories from people who make millions and billions, but for every such person there are 10,000 or 100,000 people who get their money in Shiba Inu … It’s not a real investment.
Belfort added, “People are taking advantage of an unregulated market and creating shit coins that have no value and no use.”
Both Dogecoin and Shiba Inu have grown in popularity tremendously in the past few months. At the time of writing, DOGE is the 10th largest cryptocurrency by market capitalization and SHIB is the 13th largest. The price of Dogecoin is $ 0.210057. It has grown by more than 6,154% in the past year. The price of Shiba Inu is $ 0.00004284. The meme coin gained 66,650,613.9% over the past year.
Belfort then proposed against crypto investment schemes such as MILF Coins and Yummy Coin, stating that “unscrupulous people start the coins and come into a chat room and say things that are obviously illegal”.
He stressed: “People should go to jail seriously – they are not legitimate. There is no way they will ever work … I suspect someone will be charged for this stuff. “
He pointed out, “What I hate most about it is this legitimate stuff – it gives these digital coins a bad name,” he said:
The sooner governments step in, the better it is for crypto, because when the authorities start regulating a dark market, it gets bigger and better.
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