Jordan Belfort, better known as “The Wolf of Wall Street,” sees no real value behind meme-coins such as Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE).
What Happened: In an interview with British tabloid The Sun, Belfort slammed meme-based cryptocurrencies as “s**t coins” that are outright scams.
According to him, cryptocurrencies such as Shiba Inu and Dogecoin have “no value and no use.”
“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,” said Belfort.
“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. It’s not a proper investment,” he added.
Belfort, who served time in prison after being charged with stock-market manipulation in 1999, argued people today are “taking advantage of an unregulated market” and creating cryptocurrencies with no inherent value.
“People should go to jail seriously — they are not legitimate. There is no way they are ever going to work,” said Belfort.
Price Action: As of Wednesday morning at press time, Dogecoin was trading at $0.2154, down 1.49% in the last 24 hours. Shiba Inu was trading at $0.00004678, down 4.53% over the same period.
Photo by Ralph Zuranski via Flickr
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