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bitcoin day trader davey portnoy barstool
Nexo Logo

Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
Reading Time: 3 mins read
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Today, Barstool Sports founder turned outspoken pandemic day trader Dave Portnoy released a video on Twitter vowing he’d never buy Bitcoin again, despite the ongoing uptrend in the cryptocurrency.

Is this bearish take simply a bad case of seller’s remorse, or does Portnoy have valid reasons to be this vehemently against Bitcoin?

Barstool Sports’ Dave Portnoy Swears Off Buying Bitcoin: “Never”

When the world of sports shut down at the start of the pandemic, an army of sports betters turned their gambling addictions towards financial markets, and began trading on the likes of Robinhood.

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No trader better embodied this trend than Barstool Sports founder Dave Portnoy. Portnoy made his wins and losses very public, but stuck to the stock market mostly.

Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

At some point, a campaign to convince Portnoy to instead consider cryptocurrencies caught his attention, and he spent some time sitting down with the Winklevoss twins

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Come August 13, Portnoy had revealed he had bought some Bitcoin. Portnoy had put $200K into the leading cryptocurrency by market cap then at a price of around $12,000 per coin, along with some Chainlink and Orchid. Days later, however, he sold the coins because “coins don’t always go up.”

“Stocks on the other hand,” he said, “continue to always go up.” Now, he’s furious at Bitcoin for the very same reason, swearing to never buy the asset again.

bitcoin btc portnoy

Anger and rage overcomes the Barstool Sports founder after seeing Bitcoin trading over $50,000 | Source: BTCUSD on TradingView.com

Did The Cryptocurrency Crush His Ego? Or Is There Something Else Going On?

The max pain scenario for crypto investors recently, has been prices taking off like a rocket without the chance to buy in cheaper. Could missing out on Bitcoin’s epic rise from $12,000 to $52,000 in a matter of months have caused Portnoy to be salty?

In his latest Twitter video, he starts by saying “Bitcoin is the only thing that doesn’t go down,” but that he ultimately “doesn’t buy the underlying junk behind it.” Ironically, he sold his coins, because they went down, and put his money back into stocks that have since been stagnant, while Bitcoin sets record after record.

Related Reading | Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next

That underlying junk he refers to is a network that generates $50 million in revenue each day, has transacted trillions over the course of years, and is limited to only 21 million coins though mathematical code.

He does congratulate crypto investors who are driving “Ferraris” and “buying houses,” and admits investing in Bitcoin is highly profitable and that the cryptocurrency could continue to go up “forever.”

Given that used to be his investment thesis, it is only himself he’s hurting with an aversion to buying Bitcoin.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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