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Meme coins have no value and creators should be jailed, says Jordan Belfort
Meme coins have surpassed the growth of a number of DeFi tokens this year. But, Jordan Belfort, the real "Wolf of Wall Street," claimed in his statement that Shiba Inu and Dogecoin are both 'sh*tcoins' with no real-world application. He also said that the creators of such tokens should be jailed.
Are meme coins 'sh*tcoins'?
As per Belfort, the cryptocurrencies like Dogecoin and Shiba Inu that are based on dog memes are actually scams. He said that he is a very big fan of blockchain, contrary to his 2018 YouTube video statement. But, in the interview with British tabloid, The Sun, he claims that meme coins are not a "proper investment.""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," said Belfort.As per Belfort, these meme coins have only one job, "to separate people from their money." However, on the other hand, the Shiba Inu team is reportedly working on Metaverse adoption and a Shiba Inu game as well. The team added the former VP of Technology at Activision as a consultant for the game.
Lack of regulations
According to Jordan Belfort, the lack of regulations is a major reason why these meme coins are created on such a large scale. He also stated that the creators of such coins are guilty of robbing people of their money and, as a result, should be jailed."People are taking advantage of an unregulated market and creating s**t coins which have no value and have no use," said Belfort in his interview.Belfort stressed the importance of regulation in the cryptocurrency industry because, according to him, the tokens with actual value are getting defamed because of these coins.
"The sooner governments step in, the better it is for crypto because when authorities start to regulate a dark market, it gets bigger and better," said Belfort.
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