Jordan Belfort, the former stockbroker whose memoir was made into a film starring Leonardo DiCaprio, has warned about investing in meme cryptocurrencies, like dogecoin (DOGE) and shiba inu (SHIB). Belfort explained that “People are taking advantage of an unregulated market,” emphasizing 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, aka the Wolf of Wall Street, warned investors against putting money into even cryptocurrencies, like dogecoin (DOGE) and shiba inu (SHIB), in an interview with The Sun, published Tuesday.
“I’m a fan of blockchain but there’s a lot of nonsense out there, a lot of shit coins which serve no purpose and are only there to separate people from their money,” he opined.
Belfort is a former stockbroker whose memoir was adapted into a film called “The Wolf of Wall Street”, starring Leonardo DiCaprio and directed by Martin Scorsese. Belfort founded Stratton Oakmont which operated as a boiler house that traded penny stocks and defrauded investors with ‘pump and dump’ sales of shares. He pleaded guilty to fraud in 1999 and went to jail for 22 months; he is now a motivational speaker.
“I got greedy. … Greed is not good,” he said in 2014 at a motivational talk in Dubai.
You hear crazy stories of people making millions and billions, but for every person like that, there are 10,000 or 100,000 people who get their a ** in shiba inu… It is not a good investment.
Belfort added: “People are taking advantage of an unregulated market and creating shit coins which have no value and have no use.”
Both dogecoin and shiba inu have gained immense popularity in recent months. At the time of writing, DOGE is the 10th largest crypto by market cap and SHIB is the 13th largest. The price of dogecoin is $ 0.210057. It has gained over 6,154% in the past year. The price of Shiba inu is $ 0.00004284. The coin itself has gained 66,650,613.9% over the past year.
Belfort then lashed out at crypto investment schemes like MILF coin and yummy coin, stating that “unscrupulous people start the coins and get into a chat room and saying stuff that’s blatantly illegal.”
He stressed: “People should go to jail seriously – they are not legitimate. There’s no way they’ll ever work… I guess someone will eventually be charged with this stuff.
Emphasizing, “What I hate about it the most is that legitimate stuff – it gives those digital coins a bad name,” he opined:
The sooner governments step in, the better for crypto, because when authorities start to regulate a dark market, it gets bigger and better.
