Wolf of Wall Street Jordan Belfort warns against meme coins

Former stockbroker and convicted felon Jordan Belfort has shared his views on cryptocurrency, sharing his top tips for investors, as well as which crypto to avoid.

The ‘investor known as the “Wolf of Wall Street” after his memoir in which he outlined his role in stock-market manipulation, has spoken in an interview with The Sun sharing why he believes investing into cryptocurrency is a “risky business” and his top tips into doing so.

Belfort warned investors that meme coins have no value or use, telling The Sun, that investors should stay away from newer meme coins, or s**t coins which are popular among new investors who may have little investment knowledge. 

"Unscrupulous people start the coins and get into a chat room and saying stuff that's blatantly illegal. “People should go to jail seriously - they are not legitimate. There is no way they are ever going to work", 

While Belfort maintained that he is a fan of blockchain, he is very much against meme coins that have emerged over the past few years, including Shiba Inu and Dogecoin.

"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," 

He advised investors to invest in Bitcoin and to start small while learning about investment. Belfort added that he finds celebrity endorsements of crypto problematic, as well as the lack of regulation in the industry.

“I was around when it was the wild west of Nasdaq - when it was new - it was a thousand times more regulated than this. With crypto there is literally no regulation. Invest a small amount and do your research”.

The ‘Wolf of Wallstreet” recently  tweeted that he would be attending this years Art Basel Miami, tweeting “so excited to see so many amazing artists in Miami for Art Basel. Who should I connect with this weekend?”. The replies on Twitter were overwhelmingly suggesting that Belfort attend crypto NFT exhibitions which will be showcasing at this year’s Art Basel Miami.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.