The legendary Wolf of Wall Street slammed meme cryptocurrencies such as Shiba Inu and Dogecoin in an interview to the Sun Online. Notorious speculator Jordan Belford, whose life story was portrayed in the hit Hollywood movie, thinks that the meme coins are worthless, to put it mildly.
In his straightforward manner, Jordan Belford labeled them as shit coins. “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 stated his viewpoint. “You hear crazy stories of people making millions and billions but for every person like that there are 10,000 or a 100,000 people getting their a** handed to them in Shiba Inu,” he noted. He is sure that digital tokens created as a joke are not proper investments because the irregular crypto market is a bonanza for crooks. So, developers of such coins should be sent straight to jail.
This is not the first time when the well-known investor debunks fraud. In 2017, he roasted initial coin offerings, or ICOs, which are equivalent to IPOs for cryptocurrencies. Belford branded this fundraising method "the biggest scam ever" and appealed for punishment of those who take advantage of a dubious bandwagon. “Probably 85 percent of people out there don’t have bad intentions, but the problem is, if five or 10 per cent are trying to scam you, it’s a f**king disaster,” the moneyman warned.
The former stockbroker knows all the downsides of financial markets. In 1998, Jordan Belford pleaded guilty of securities fraud and money laundering and was sentenced to 2 years in jail. After his release, he published two memoirs: The Wolf of Wall Street and Catching the Wolf of Wall Street.
