Wolf of Wall Street says Dogecoin, Shiba Inu are “****coins” and “scams”
Jordan Belfort, the former investor nicknamed the “Wolf of Wall Street” has said crypto currencies such as Dogecoin and Shiba Inu are “outright scams” and “****coins”, saying that the people behind them “should to go to jail”.
Belfort himself served 22 months in prison for investment fraud and money laundering, devising pump-and-dump scams leading to investor losses of approximately US$200 million. He was memorably played by Leonardo Di Caprio in the Martin Scorsese film The Wolf Of Wall Street.
Speaking with The Sun Online, Belfort stated he was a fan of blockchain technology, but advised against putting large sums of money into the variant that is sometimes labelled “meme coins”.
“I’m a fan of blockchain, but there’s a lot of nonsense out there, a lot of ****coins which serve no purpose and are only there to separate people from their money,” Belfort said.
“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 ass handed to them in Shiba Inu. It’s not a proper investment,” Belfort added. “People are taking advantage of an unregulated market…. which have no value and have no use… unscrupulous people start the coins and get into a chat room and saying stuff that’s blatantly illegal.”
“People should go to jail seriously – they are not legitimate. There is no way they are ever going to work”.
Belfort, who has authored three books and now, post-prison life works as a business consultant and sales trainer, believes government regulation will be good for “blue chip” coins such as Bitcoin and Ethereum.
“My guess is that someone will end up getting indicted for this stuff,” he stated.
“The wheels of justice grind slowly, but they do grind forward, despite no one getting in trouble yet, I have to believe the government is looking at this and saying ‘wait a second, there are all these people scamming.’
“What I hate about it the most is that legitimate stuff – it gives those digital coins a bad name.
“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.”