Jordan Belfort, the ‘Wolf of Wall Street’, warns against investing in Dogecoin and Shiba Inu cryptocurrencies – Reuters

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Jordan Belfort, the former stockbroker whose memories were turned into a movie starring Leonardo DiCaprio, warned against investing in cryptocurrencies meme, like dogecoin (DOGE) and shiba inu (SHIB) . Belfort explained that “people profit from an unregulated market”, noting that “the sooner governments step in, the better for crypto.”

The Wolf of Wall Street’s advice on Dogecoin and Shiba Inu cryptocurrencies

Jordan Belfort, aka the Wolf of Wall Street, warned investors against putting money into even cryptocurrencies, like dogecoin (DOGE) and shiba inu (SHIB), in an interview with The Sun, published Tuesday.

“I’m a blockchain fan but there is a lot of nonsense out there, a lot of pieces of crap that are useless and are only there to separate people from their money,” he said.

Belfort is a former stockbroker whose memoir was adapted into a film called “The Wolf of Wall Street”, starring Leonardo DiCaprio and directed by Martin Scorsese. Belfort founded Stratton Oakmont, which operated as a boiler house that traded penny stocks and defrauded investors with ‘pump and dump’ sales of shares. He pleaded guilty to fraud in 1999 and went to jail for 22 months; he is now a motivational speaker.

“I have become greedy. … Greed is not good, ”he said in 2014 at a motivational conference 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 every person like that, there are 10,000 or 100,000 people who get their a ** in shiba inu… It is not a good investment.

Belfort added: “People take advantage of an unregulated market and create crap coins that have no value and no use.”

Both dogecoin and shiba inu have gained immense popularity in recent months. At the time of writing, DOGE is the 10th largest crypto by market cap and SHIB is the 13th. The price of dogecoin is $ 0.210057. It has gained over 6,154% in the past year. The price of Shiba inu is $ 0.00004284. The coin itself has gained 66,650,613.9% over the past year.

Belfort then went after crypto investing programs such as the MILF Coin and the Delicious Coin, stating that “unscrupulous people toss the coins and walk into a chat room and say things that are clearly illegal “.

He stressed: “People should go to jail seriously – they are not legitimate. There’s no way they’ll ever work… I guess someone will eventually be charged with this stuff.

Emphasizing, “What I hate most about it is this legit stuff – it gives these digital coins a bad name,” he said:

The sooner governments step in, the better for crypto, because when authorities start to regulate a dark market, it gets bigger and better.

What do you think of the Wolf of Wall Street’s advice? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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