“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.
Jordan Belfort, otherwise known as the Wolf of Wall Street, has cautioned investors about putting cash in meme cryptocurrencies, as dogecoin (DOGE) and shiba inu (SHIB), in a meeting with The Sun, distributed Tuesday. Belfort is a previous stockbroker whose diary was adjusted into a movie named “The Wolf of Wall Street,” starring Leonardo DiCaprio and coordinated by Martin Scorsese. Belfort established Stratton Oakmont what worked as a boiler room that showcased penny stocks and cheated investors with “pump and dump” stock deals. He confessed to fraud in 1999 and went to jail for a very long time; he is currently a motivational speaker.
“I was greedy. Greed is not good,” he said in 2014 at a motivational talk in Dubai.
The author of The Wolf of Wall Street told The Sun:
You hear crazy stories of people making millions and billions but for everyone like this there are 10,000 or 100,000 people getting ** in shiba inu… It’s not a proper investment.
Belfort added: “People are taking advantage of an unregulated market and making frivolous coins that have no value or use.”
Both dogecoin and shiba inu have gained immense popularity over the past months. At the time of writing, DOGE is the 10th largest cryptocurrency by market capitalization and SHIB is 13th by volume. Dogecoin price is $0.210057. It has gained over 6,154% over the past year. Shiba inu price is $0.0004284. The meme coin has gained 66,650,613.9% over the past year.
Belfort then criticized crypto investment schemes such as MILF Coin and Delicious Coin, noting that “unscrupulous people start coins and go into chat rooms and say blatantly illegal things.”
He stressed, “People should seriously go to jail – it’s not legitimate. There’s absolutely no way to go to work…I think someone is going to end up being accused of these things.” Emphasizing, “What I hate the most about it is those legit stuff — they give those cryptocurrencies a bad name,” he said:
The faster governments move the better for cryptocurrencies because when authorities start regulating a dark market, it gets bigger and better.
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