Jordan Belfort was a former stockbroker and his memoir has been made into a movie starring Leonardo DiCaprio. He warned against investing in meme cryptocurrencies like dogecoin, DOGE, or 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, also known as the Wolf on Wall Street, warned investors not to invest in me cryptocurrencies such as dogecoin, DOGE, and shiba Inu (SHIB) in a Tuesday interview.
“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. In 1999, he pleaded guilty and was sentenced to 22 months in prison. He is currently a motivational speaker.
“I got greedy. … Greed is not good,” he said in 2014 at a motivational talk in Dubai.
The Sun received the following statement from The Wolf of Wall Street author:
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.”
Over the last months, both dogecoins and shiba Inu have enjoyed immense popularity. DOGE currently ranks 10th in crypto market capital, while SHIB comes in at 13th. Price of Dogecoin: $0.210057 The price of dogecoin has increased by more than 6,154% in the last one year. Shiba inu’s price is $0.00004284. Over the last year, the meme coin gained 66650,613.9%.
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:
Crypto is better if governments act sooner because dark markets are easier to regulate.
What do you think about the Wolf of Wall Street’s advice? Leave your comments below.
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