Warnings Over Dave Portnoy “Taking The Crypto World By Storm”

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Last Updated on 19 August 2020 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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As we’ve noted earlier this week, the immensely popular Barstool Sports owner Dave Portnoy has turned to day trading and switched to crypto last week. In videos on YouTube, Twitter and other social media channels, he is updating his followers on his gains. Due to his large influence, Portnoy is able to shift value of several small altcoins. Technical analysts are warning about his influence.

Portnoy’s entry into the crypto-market, comes about two weeks after Joe Rogan also started advising his 200 million listeners to buy Bitcoin.

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Scott Melker

Scott Melker, a well-known crypto analyst known under the Twitter name Wolf of all Streets, is one of those who is not too happy about Portnoy’s entry into the cryptosphere though, as the Barstool Sports owners claims that “pump and dump is encouraged.”.

Portnoy stated: “The thing I like about pump and dumps in crypto is that it’s encouraged,” before he posted a meme about Chainlink, claiming: “Rest assured my fellow #linkmarines we will make whoever dumped $link pay.”

The Chainlink price entered correction territory as it fell a further 10% today, after seeing heavy selling yesterday already.

Beware

“Davey Day Trader is taking the crypto world by storm” Melker said in response, warning traders to “beware” as he knows Portnoy cannot do technical analysis, but can move markets and altcoins due to his massive following in social media.

Melker is a respected technical analyst who does guest appearances at Coindesk and Anthony Pompliano. Last month he stated that a firm called Zeus Capital had approached him to post an analysis of Chainlink. As evidence, he posted a screenshot of his conversation with the so-called firm and said he never wanted to make an analysis of a coin in return for payment.

He now warns about Portnoy as well. Other analysts have also chimed in with similar criticism of the Barstool Sports owner.

Bloomberg reported in June of this year already that Portnoy’s amateuristic style sounded like a lot of fun for his followers who have copied his investment behavior. He is therefore leading “an army of day traders” as the financial site described it.

Crypto firm @The RealBlockFi in any case is tapping into that reserve of possible new investors into the crypto market and decided to sponsor Portnoy as from now.