Sharing his opinion on the matter, Belfort said “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 said.
Belfort, a former stockbroker, is most prominently known for his memoir turned film “The Wolf of Wall Street” starring Leonardo DiCaprio as Jordan Belfort, founded Stratton Oakmont which essentially worked like a boiler room marketing penny stocks. Using “pump and dump” stock sales, the firm would also target defrauded investors. Belfort pleaded guilty to fraud back in 1999 and was subsequently sentenced to prison for 22 months. These days, Belfort is active as a motivational speaker.
“I got greedy,” he said back in 2014 during one of his motivational talks in Dubai. “Greed is not good”.
Further elaborating on his opinion regarding these meme cryptocurrencies, Belfort said “You hear crazy stories of people making millions and billions but for every person like that there are like 10,000 or 100,000 people getting their a** handed to them in shiba inu….it’s not a proper investment.”
“People are taking advantage of an unregulated market and creating shit coins which have no value and have no use.” he continued. Dogecoin and Shiba Inu have seen a surge in popularity over the past few months.
After sharing his thoughts on Dogecoin and Shiba Inu, Belfort turned his sights to MILF coin and yummy coin, addressing his take on them. He stated that “unscrupulous people start the coins and get into a chat room and saying stuff that’s blatantly illegal.” Belfort continued, stressing “People should go to jail seriously –they are not legitimate. There is no way they are ever going to work… My guess is that someone will end up getting indicted for this stuff.”
He urges the government to regulate the situation, stating that “the sooner the governments step in the better it is for crypto because when authorities start to regulate a dark market, it gets bigger and better.”
Belfort expressed his disappointment in these cryptocurrencies as he feels they give the legitimate stuff a bad name.