Jordan Belfort, the ex-stock trader whose wild life inspired Martin Scorsese’s film The Wolf Of Wall Street, recently attacked meme coins in an interview with British tabloid The Sun.
According to the iconic American entrepreneur, the two most popular joke cryptocurrencies, Dogecoin and Shiba Inu, have no actual value or purpose.
He then said that the only goal of “s**tcoins” is to defraud people of their money, casting doubt on their capacity to make people wealthy.
While there have been several examples of fortunate customers earning millions with Shiba Inu, there have been an unlimited number of individuals crushed by the meme coin phenomenon, according to Belfort:
You hear incredible tales about individuals earning millions and billions, but for every person like that, there are 10,000 or 100,000 people who have their a** handed to them by Shiba Inu. This is not an appropriate investment.
Shiba Inu prices fell 29% in November after surging over 800% in October. Nonetheless, merchant acceptance of the meme currency is increasing, with AMC theatres and online electronics outlet
Certain individuals should be imprisoned.
The convicted criminal, who served 22 months in jail after being accused in 1998 for securities fraud and money laundering, said that some coins may be unlawful in their entirety, adding that their makers should be imprisoned:
Individuals should be taken seriously and imprisoned – they are not genuine. They will never work. According to Belfort, respectable initiatives like as Bitcoin and Ether suffer as a result of a few bad apples.
In early November, the Squid Game cryptocurrency plummeted to near-zero value after getting extensive media recognition despite having no connection to the successful Netflix series. This tragedy served as a warning to bitcoin investors.
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