Jordan Belfort, the former stockbroker whose memoir was turned into a film starring Leonardo DiCaprio, warned against investing in cryptocurrencies meme such as Dogecoin (DOGE) and Shiba inu (SHIB).

Belfort explained that “People are taking advantage of an unregulated market”, emphasizing that “The sooner governments come in, the better it will be for cryptocurrencies.”

Wall Street Wolf Advice on Dogecoin and Shiba Inu cryptocurrencies

Jordan Belfort, also known as the Wolf of Wall Street, has warned investors against putting money into cryptocurrencies meme such as Dogecoin (DOGE) and Shiba inu (SHIB), in an interview with The Sun, published this week.

“I’m a blockchain fan, but there’s a lot of nonsense out there, a lot of shitcoins that are useless and exist just to separate people from their money,” he opined.

Wall Street Wolf on Dogecoin and Shiba Inu
Jordan Belfort characterized memecoins as shitcoins saying they have no real value – Source: REX

Belfort is a former stockbroker whose memoir has been adapted into a film titled “The Wolf of Wall Street.” Belfort founded Stratton Oakmont, which traded penny stocks and tricked investors with pump and dump stock sales.

He pleaded guilty to fraud in 1999 and was imprisoned for 22 months; he is now a motivational speaker. “I got greedy. …Greed is not good,” he said in 2014 at a motivational speech in Dubai.

Read too: Wall Street Wolf admits he was wrong about Bitcoin

The author of 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 getting their ** delivered to them in shiba inu… It’s not a suitable investment.”

Belfort added: “People are taking advantage of an unregulated market and creating shitcoins that have no value and no use.”

Both dogecoin and shiba inu have gained immense popularity in recent months. As of this writing, DOGE is the 10th largest cryptocurrency by market value and SHIB is the 13th largest.

Belfort then attacked investment projects like MILF coin and yummy coin, claiming that “unscrupulous people start coins and go into a chat room and say things that are flagrantly illegal.”

He emphasized: “People should go to jail seriously – they are not legitimate. They will never work at all… My guess is someone will end up being indicted for these things. ”

Concluding: “The sooner governments step in, the better it will be for cryptography, because when authorities start to regulate a black market, it gets bigger and better.”

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