Published On: Mon, Oct 23rd, 2017

Wolf of Wall Street Jordan Belfort: ‘ICOs are the Biggest Scam Ever’

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Jordan Belfort, the infamous penny-stock broker formerly known as the ‘Wolf of Wall Street’  recently stated that ICOs are “the biggest scam ever”.
The Hype is Too Real

The whole cryptocurrency space has had an exceptional growth rate this year. The total cryptocurrency market capitalization recently reached its all-time high of $172 billion, which is pretty impressive since the last year the market cap was only worth $12 billion.
Many experts and analysts have various theories as to why the cryptocurrency market experienced this exceptional growth. Most attribute the growth to a broader global acceptance of cryptocurrencies by many financial institutions. A small minority, however, believes that the rapid growth was caused by the massive hype surrounding ICOs (Initial Coin Offerings). In the last couple of months, ICOs have become widely popular worldwide because of their very high returns for the early investors.
Are ICOs Scams?

While some members of the cryptocurrency community have labeled many ICOs as fraudulent, the fact remains that the ICO model has been wildly successful as a means of raising capital. This year alone 202 different ICOs have managed to raise over $3 billion according to the data from CoinSchedule.
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