Bitcoin News and Finance Day Trader Dave Portnoy Disturbed by Bitcoin Price — Vows to Never Buy BTC Again Skip to main content

Day Trader Dave Portnoy Disturbed by Bitcoin Price — Vows to Never Buy BTC Again

Day Trader Dave Portnoy Disturbed by Bitcoin Price — Vows to Never Buy BTC Again

Day trader Dave Portnoy has admitted that he is an idiot when it comes to bitcoin after the price of the cryptocurrency continually hit all-time highs. He panic-sold his bitcoins when its price was just around $11,000 and has now vowed to never buy the cryptocurrency again.

Dave Portnoy Regrets Panic-Selling Bitcoin at $11K

American day trader and founder of Barstool Sports blog Dave Portnoy admitted Thursday that he is an idiot when it comes to bitcoin and said that he will never buy the cryptocurrency again.

Portnoy bought his first bitcoin on Aug. 13, 2020, when the Winklevoss twins, who are his neighbors, went to his home and personally walked him through how to buy bitcoin on their cryptocurrency exchange Gemini. Portnoy invested $200K in BTC that day when the price of the cryptocurrency was around $11,172, according to markets.Bitcoin.com. He subsequently bought two other cryptocurrencies: chainlink and orchid.

However, when the price of some of his cryptocurrencies toppled, Portnoy panic-sold and got out of cryptocurrency altogether. He explained at the time, “I’m out on crypto because coins don’t always go up. Stocks on the other hand continue to always go up.”

Then on Thursday, the Barstool Sports founder admitted that he was an idiot about bitcoin as the price of the cryptocurrency continued to skyrocket, hitting multiple all-time highs. “I’m such an idiot … with bitcoin. At least I know I’m an idiot, alright,” he said, tweeting:

I know I’m an idiot with bitcoin. But I refuse to be the poorest man on the ship. I won’t swab the decks.

Portnoy exclaimed that he is not going to give bitcoiners “the satisfaction of [seeing him] jumping and being the last man on board, being the poorest guy on the ship.”

He ranted on: “‘Hey fucking poor guy, swab the deck. I’ll throw you a little fucking bitcoin’ and watch me scramble like a rat for like one 100th-millionth of a bitcoin while Winklevoss and fucking parabolic guy and Pomp [Anthony Pompliano] laugh at me from the fucking upper deck. Uh-uh. I’ll just be on a different ship.”

The parabolic guy he referred to was Jason Williams. “I love [the] parabolic guy,” Portnoy said, adding that he “is one of my favorite guys.” Nonetheless, the Barstool Sports founder insisted, “I ain’t swabbing his deck.” He further justified his decision to stay away from bitcoin by saying:

And God forbid, if I buy bitcoin and it crashes, that’ll force me to hate some people I don’t hate, and I don’t want to be put in that position.

On Wednesday, the price of bitcoin crossed the $51K mark and Portnoy made a video in which he lamented his decision to sell all of his bitcoins in August last year. “Bitcoin’s the only thing that doesn’t go down. $51,000. Bitcoin’s at fucking $51,000. It was at 11,000 in August. Jesus Christ.” He then concluded:

I’m never buying bitcoin. Never. Never, never. I don’t believe a thing about it, but I do think it’s profitable, and I think that with enough steam that it may just continue to go up forever, but I don’t buy the underlying junk behind it.

At the time of writing, the price of BTC stands at $56,279 after hitting multiple all-time highs throughout the week. Its market capitalization has surpassed $1 trillion. If Portnoy had kept the BTC which he bought at around $11K in August last year, his investment would have risen by about 412%.

What do you think about Dave Portnoy’s reaction to the rising price of bitcoin? Let us know in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory