Infamous trader and convicted felon Jordan Belfort has spoken out about cryptocurrency and so-called ‘meme coins’.
When contacted by The Sun, Belfort said that people creating the likes of Shiba Inu coin and Dogecoin should go to jail.
Belfort, who was played by Leonardo DiCaprio in the 2013 movie, praised blockchain tech but said he wasn’t a fan of the memes.
‘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.
‘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.
‘It’s not a proper investment.’
In an incisive piece of financial punditry Belfort – now a motivational speaker – correctly identified that investing in meme coins carries an inherent risk.
‘People are taking advantage of an unregulated market and creating s**t coins which have no value and have no use,’ he said.
‘People should go to jail seriously – they are not legitimate. There is no way they are ever going to work.’
Spot on there, Jordan.
What is Shiba Inu coin?
Shiba Inu (SHIB) is a token that was created in August 2020 as a response to Dogecoin (DOGE), the famous joke cryptocurrency espoused by Elon Musk.
Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a total supply of one quadrillion.
The Shiba Inu token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
SHIB, unlike DOGE, is compatible with the Ethereum ecosystem — which has allowed the community to create crypto apps like ShibaSwap, a DEX (decentralised exchange) that allows users to trade and stake tokens without an intermediary.
MORE : Mystery Shiba Inu coin trader turned £5,800 into £4,000,000,000
MORE : What is Shiba Inu coin and how much does it cost in the UK?
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