When you hear The Wolf Of Wall Street, Leonardo DiCaprio most likely comes to mind. However, DiCaprio is just a good actor who played a fascinating character.
The original Wolf of Wall Street is Jordan Belfort, a former stockbroker who gained popularity for defrauding investors of about $200 million in the 90s.
In a recent interview with The Sun, Belfort expressed his distrust for popular memecoins, Dogecoin and Shiba Inu.
He 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.”
Belfort became uber-famous in 2014 when talented actor, Leonardo DiCaprio, reenacted his life’s story in the movie, The Wolf of Wall Street.
He played Belfort, a young and overly ambitious stockbroker who defrauded unsuspecting investors with “pump and dump” schemes.
Pump-and-dump is a manipulative scheme that attempts to boost the price of a stock or share through fake recommendations and projections.
Belfort pled guilty to fraud charges and was sentenced to four years in jail in 1999 but only served 22 months. Belfort is now a motivational speaker and personal finance coach.
Belfort cautioned crypto enthusiasts, saying, “You hear crazy stories of people making millions and billions, but for every person like that, 10,000 or 100,000 people are getting their ass handed to them in Shiba Inu.
“Things like Dogecoin and Shiba Inu, I can’t wrap my head around it. I’m not a fan; I don’t buy them ever.”
The personal finance coach who believes that memecoins give other legitimate cryptocurrencies a bad name opines that creating them should be illegal. The creators should go to jail for defrauding others.
Belfort isn’t alone in his distrust of these cryptocurrencies. Other financial and even crypto experts have expressed their concern about the risk of investing in shitcoins.
In the end, the poor investors are always the ones left holding the bag. New investors losing money to shitcoins has become a trend.
Memecoins spring up every day, with some rise as high as 2,000% and crashing hard in record time, just like Squidcoin, the popular series token.
Dogecoin also went on an incredible rally in 2021. According to Yahoo Finance, one Doge was worth about 3 cents at the start of the year.
The coin’s price flew up instantly, going as high as 73 cents in May because of Elon Musk’s endorsement.
Most investors fumbled and bought the coin at the peak time. The coin has been on a steady decline, with one Doge worth 21 cents at the time of this publication.
Investors who bought it in May 2021 have made incomprehensible losses. This is the risk involved with the so-called meme coins.
However, some might argue that Belfort’s criticism of meme coins is a tad bit hypocritical.
After all, he was the poster boy for pump and dump schemes in the 90s.
But here’s a consideration, who better to warn you about scams than someone who made a fortune from it?
