JORDAN Belfort - the investor dubbed the Wolf of Wall Street – has slammed meme coins as “s**t” insisting some of their creators should go to jail.
The notorious trader, played by Leonardo DiCaprio in the hit 2013 movie, told The Sun that cryptocurrencies such as Shiba Inu and Dogecoin have “no value and no use.”3 Jordan Belfort has blasted memo coins as 's**t coins' saying they have 'no value and no use'Credit: Rex 3 Dogecoin was started as a joke but has now gained traction with amateur investorsCredit: Reuters
Belfort said he was a fan of blockchain technology – the system which makes crypto such as Bitcoin near impossible to hack.
However, he warned against investors putting large sums of cash into so-called “meme coins” – digital currencies which were created as a joke but have gained popularity in recent months.
And he warned that some the newer meme coins - or as he branded them, "s**t coins" - are outright scams, urging investors not to part with their cash and saying crypto crooks should be sent to prison.
He told The Sun Online “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.”
He added: “People are taking advantage of an unregulated market and creating s**t coins which have no value and have no use.”
Cryptocurrency is not regulated in the way other financial firms are meaning investors do not have any protection if things go wrong.
Belfort, who was jailed in the 1990s for stock market manipulation, has warned that some people behind meme coins should face jail time.
He hit out at currencies such as MILF Coin and Yummy Coin adding: "unscrupulous people star...