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, has warned investors about putting money in meme 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 titled “The Wolf of Wall Street,” starring Leonardo DiCaprio and directed by Martin Scorsese. Belfort founded Stratton Oakmont which functioned as a boiler room that marketed penny stocks and defrauded investors with “pump and dump” stock sales. He pleaded guilty to fraud in 1999 and went to prison 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.
The Wolf of Wall Street author told The Sun:
You hear crazy stories of people making millions and billions but for every person like that there are 10,000 or 100,000 people getting their a** handed to them in shiba inu … It’s not a proper 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 over the past 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 more than 6,154% over the past year. Shiba inu’s price is $0.00004284. The meme coin 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 is no way they are ever going to work … My guess is that someone will end up getting indicted for 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 it is for crypto because when authorities start to regulate a dark market, it gets bigger and better.