Dave Portnoy: “I Know I’m An Idiot With Bitcoin”

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The old adage that self-knowledge is the beginning of all wisdom has hit Dave Portnoy. The famous Barstool Sports Presidente, who was commenting on the Congress hearings over Gamestop versus Robinhood this week.

He admitted that when he got into crypto for one crazy week in the summer of 2020, but quickly got out again as the action got too wild for him, he made a serious mistake when it comes to Bitcoin.

Portnoy bought almost 1 million dollars in Bitcoin and Chainlink last summer, which were trading at $10k and $20 respectively. Because of the Sushi scandal, Chainlink dropped quickly and the DeFi selloff dragged the rest of the crypto market down with it.

The American celebrity realized that crypto trading was nothing like stock market trading right then and there.

Advertentie.

Link Marines

Problem for Portnoy is that he made quite the impression on both the Winklevoss twins (Gemini) and Anthony Pompliano, who all urged him to HODL. Scott Melker, the crypto trader who tweets under the nickname the Wolf Of All Streets, was less impressed though, but got a quick reply from Portnoy.

Even the Link Marines were told not to give up, but Portnoy himself took his losses and got out.

By now, the Barstool Presidente realizes that his 1 million dollar investment would have easily multiplied many times over if he would have just stayed in.

As he was commenting on the Congress hearings of Vlad Tenev, the Robinhood CEO, Portnoy all of a sudden recorded a video in which he admitted last year’s mistake and his regret when it comes to Bitcoin.

He said:

Im such an idiot with Bitcoin but at least I know I’m an idiot. And everyone is like: don’t trade emotional. You do not know me, I’m not giving Bitcoin the satisfaction of being the last man on board.

Sounds like he’s ready to reinvest then. Then again, Bitcoin is not the only regret of 2021 for Portnoy so far. He recently admitted that when following WallStreetBets he:

Lost 700k. Vlad and company stole it from me and should be in jail.

Barstool Fund

Meanwhile, Dave has become incredibly popular in the US in the past year after his website went on a charity spree during the US lockdowns (which are called stay-at-home orders over there). He has raised some 36 million dollars so far for American restaurants and bars which are struggling.

During the GameStop versus Wall Street saga he got into a public fight with Mets owner Steven A Cohen, the billionaire hedge fund magnate who helped prop up Melvin Capitol, one of the Wall Street firms that took big losses in the GameStop saga.

No wonder Dave’s a hero to main street now.

Fotofabrika / Depositphotos.com