Shiba Inu & Dogecoin are s**tcoins with no value & no use: Jordan Belfort

Wolf of Wall Street Jordan Belfort says Shiba Inu and Dogecoin have “no value and no use.” Credit: CoinsNetwork

Key Takeaways

Jordan Belfort, dubbed Wolf of Wall Street says Shiba Inu and Dogecoin are “jokes with no real value”
The former stockbroker insists creators of s**tcoins should be behind bars
However, he claims he believes in blockchain technology

YEREVAN (CoinChapter.com) – Former stockbroker Jordan Belfort, the real-life Wolf of Wall Street and the inspiration behind Leonardo Di Caprio’s character in Martin Scorsese’s movie by the same name, went hard on meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Without mincing his words, Belfort called them scams that have “no value and no use.”

A convicted felon himself, Belfort insisted the creators of some cryptocurrencies should be arrested and put behind bars.

“People should go to jail seriously – they are not legitimate. There is no way they are ever going to work”,
he said during an interview with The Sun.

Belfort spent 22 months in prison after pleading guilty to charges including securities fraud, money laundering, and stock market manipulations in 1999.

Stay away from Shiba Inu, Dogecoin, & other shitcoins,Jordan Belfort warns

Denouncing popular meme tokens as s**tcoins and outright scams, Belfort warned investors to stir away from them. He called upon adventurous traders not to fall for some success stories circulating in the media.

In effect, the former penny-stock scammer was referring to the recent news story where a Shiba Inu whale turned $8000 into $5.7 billion in one year.

“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,”
he insisted.

According to the former stockbroker, genuine cryptocurrency projects like Bitcoin (BTC) and Ethereum (ETH) suffer because of people pulling off such altcoin scams. He insisted governments should step in to regulate the market, which will, in turn, help the industry to grow.

The controversial broker was not always a fan of Bitcoin. In 2018, he said pretty much the same thing about BTC as he is saying about SHIB and DOGE. Calling them scams “much worse than what I have done,” he predicted they would wind up within a year. We all know how wrong he was.

Now, Befort is not against the technology and insists he is a fan of blockchain. However, he believes people are taking advantage of the unregulated market.

“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 has also recently joined the NFT bandwagon, changing his Twitter display picture to an iconic Cryptopunk. He

Despite Belfort’s claims, both Shiba Inu (SHIB), as well as Dogecoin (DOGE), have found widespread acceptance.

Many major players from various industries have started accepting Dogecoin as payments while Shiba Inu continues to get listed on major exchanges and cryptocurrency wallets.