Right this moment, Barstool Sports activities founder turned outspoken pandemic day dealer Dave Portnoy launched a video on Twitter vowing he’d by no means purchase Bitcoin once more, regardless of the continuing uptrend within the cryptocurrency.
Is that this bearish take merely a foul case of vendor’s regret, or does Portnoy have legitimate causes to be this vehemently towards Bitcoin?
Barstool Sports activities’ Dave Portnoy Swears Off Shopping for Bitcoin: “By no means”
When the world of sports activities shut down in the beginning of the pandemic, a military of sports activities betters turned their playing addictions in the direction of monetary markets, and started buying and selling on the likes of Robinhood.
No dealer higher embodied this pattern than Barstool Sports activities founder Dave Portnoy. Portnoy made his wins and losses very public, however caught to the inventory market principally.
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In some unspecified time in the future, a marketing campaign to persuade Portnoy to as a substitute take into account cryptocurrencies caught his consideration, and he spent a while sitting down with the Winklevoss twins
Come August 13, Portnoy had revealed he had purchased some Bitcoin. Portnoy had put $200K into the main cryptocurrency by market cap then at a value of round $12,000 per coin, together with some Chainlink and Orchid. Days later, nonetheless, he offered the cash as a result of “cash don’t all the time go up.”
“Shares then again,” he stated, “proceed to all the time go up.” Now, he’s livid at Bitcoin for the exact same cause, swearing to by no means purchase the asset once more.
Anger and rage overcomes the Barstool Sports activities founder after seeing Bitcoin buying and selling over $50,000 | Supply: BTCUSD on TradingView.com
Did The Cryptocurrency Crush His Ego? Or Is There One thing Else Going On?
The max ache state of affairs for crypto traders not too long ago, has been costs taking off like a rocket with out the prospect to purchase in cheaper. May lacking out on Bitcoin’s epic rise from $12,000 to $52,000 in a matter of months have brought about Portnoy to be salty?
In his newest Twitter video, he begins by saying “Bitcoin is the one factor that doesn’t go down,” however that he finally “doesn’t purchase the underlying junk behind it.” Mockingly, he offered his cash, as a result of they went down, and put his a reimbursement into shares which have since been stagnant, whereas Bitcoin units file after file.
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That underlying junk he refers to is a community that generates $50 million in income every day, has transacted trillions over the course of years, and is restricted to solely 21 million cash although mathematical code.
He does congratulate crypto traders who’re driving “Ferraris” and “shopping for homes,” and admits investing in Bitcoin is very worthwhile and that the cryptocurrency may proceed to go up “endlessly.”
On condition that was his funding thesis, it’s only himself he’s hurting with an aversion to purchasing Bitcoin.
Featured picture from Deposit Pictures, Charts from TradingView.com