- Dogecoin is still very volatile and follows social media trends.
- He advised investors not to buy in these recently hot currencies.
Jordan Belfort, the Wolf of Wall Street, thinks meme currencies like Dogecoin and Shiba Inu are hoaxes. He advised investors not to buy in these recently hot currencies and that their founders be imprisoned. Earlier this year, Tesla CEO Elon Musk began tweeting about Dogecoin. Since then, Shiba Inu and Baby Doge have spawned.
Belfort told The Sun in an interview:
“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 100,000 people getting their a** handed to them in Shiba Inu.”
Taking Advantage of Uncontrolled Market
He stated that individuals are taking advantage of an uncontrolled market to generate coins with no value or function. It was built as a joke, and its developers gave up after a few years. However, it has become one of the year’s most valuable cryptocurrencies. Dogecoin is still very volatile and follows social media trends.
After leaving prison, Belfort became a popular motivational speaker. He believes governments worldwide should regulate cryptocurrencies, benefiting ‘blue chip’ coins like Bitcoin and Ethereum. On this front, the Indian government may intervene.
A crypto law has been drafted and submitted in Parliament’s winter session. However, despite the finance minister’s denial that Bitcoin would become legal money, it may end up regulating it.