Former Wallstreet trader Jordan Belfort hit meme coins on his latest statement following his warning on investors to not put money on them because they serve no value at all.
According to the former stockbroker, he commends blockchain technology for what it has done so far, but people who are taking advantage of the meme cryptocurrencies should go to jail.
‘Wolf of Wall Street’ Jordan Belfort Warns Meme Coin Investors
(Photo : ROBIN VAN LONKHUIJSEN/AFP via Getty Images)
Former Wall Street player turned novelist Jordan Belfort, author of The Wolf of Wall Street which was adapted into a film by Martin Scorsese in 2013, gestures during a performance in the Rai, in Amsterdam, on November 20, 2014
In an interview with The Sun earlier this week, Belfort said that popular meme cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE) only exist to “separate people from their money.”
Belfort said that he was a fan of the blockchain, but many meme cryptos have no value to the investors, according to Metro.
The American entrepreneur who was played by Leonardo DiCaprio in “The Wolf of Wall Street” movie, pled guilty to fraud in 1999 and to other crimes related to manipulation of the stock market.
Belfort spent 22 months in prison before being released. Now, he serves as a motivational speaker to other people especially those who want to invest in cryptocurrencies.
At the time when he was speaking in Dubai for a motivational discussion seven years ago, he said that he got greedy before. He added that it was not good after all.
During his recent interview, the “Wolf of Wall Street” author said that investing in meme currencies like Shiba Inu is not a proper investment.
Even though people heard a lot of stories from others who earn billions of money from them, investors should stay away from these meme coins, according to Belfort.
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Belfort Considers Meme Coins as Illegitimate
According to Bitcoin.com on Friday, Dec. 3, Belfort stressed out that several crypto schemes including yummy coin and MILF coin came from “unscrupulous” individuals who illegally made them.
Amid Belfort’s comment about Shina Inu and Dogecoin, investors have see a lot of growth in them in the recent months. At the time of writing, SHIB sits in the 13th place of the largest cryptocurrencies in the market while DOGE is placed at 10th spot.
In just a year, DOGE managed to increase its value by over 6,154% while Shiba Inu recorded a 66,650,613.9% gain for the past year.
Going back to Belfort’s warning on meme coin investments, he stated that someone should go to jail since these cryptocurrencies are not legitimate. He guessed that somebody would be indicted for this case.
“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,” Belfort said.
Can Memecoins Overtake Mainstream Cryptocurrencies
Analytics Insight cited that investors who worship DOGE and SHIB are gradually seeing them as another source of investment. Aside from the typical cryptos like ETH and BTC, many people have been following these meme cryptocurrencies for a long time since then.
Next year, experts expect that the value of these coins will surge thus they could have the capability to surpass the mainstream currencies that we know so far.
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Written by Joseph Henry
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