Jordan Belfort, regarded as the Wolf of Wall Street, warned investors against meme coins saying that they have no value and no use. He labeled some of the newer meme coins – digital coins which were created as a joke but have gained popularity with the likes of Elon Musk, such as Dogecoin and Shiba Inu as ‘s**t coins’.
Belfort told The Sun Online that meme coins are outright scams and urged investors not to waste their funds. “I’m a fan of blockchain but there’s a lot of nonsense out there, a lot of s**t coins which serve no purpose and are only there to separate people from their money,” he 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 a** handed to them in Shiba Inu.”
Shiba Inu (SHIB) was created in August 2020 as a rival to Dogecoin, featuring the same mascot dog. Belfort also hit out at the creators of MILF Coin, describing them as unscrupulous people who start the coins and get into a chat room and saying stuff that’s blatantly illegal.
The trader believes meme coins are not a ‘proper investment’. “People are taking advantage of an unregulated market and creating s**t coins which have no value and no use.” Belfort says people behind meme coins should face jail time. “People should go to jail seriously. They are not legitimate. There is no way they are ever going to work.”
Belfort, who was jailed in the 1990s for stock market manipulation and is now a successful motivational speaker, believes government intervention and regulation will be good for blue-chip coins such as Bitcoin and Ethereum. “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.”