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, â€œIâ€™m out on crypto because coins donâ€™t always go up. Stocks on the other hand continue to always go up.â€
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. â€œIâ€™m such an idiot â€¦ with bitcoin. At least I know Iâ€™m an idiot, alright,â€ he said, tweeting:
Portnoy exclaimed that he is not going to give bitcoiners â€œthe satisfaction of [seeing him] jumping and being the last man on board, being the poorest guy on the ship.â€
He ranted on: â€œâ€˜Hey fucking poor guy, swab the deck. Iâ€™ll throw you a little fucking bitcoinâ€™ 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. Iâ€™ll just be on a different ship.â€
The parabolic guy he referred to was Jason Williams. â€œI love [the] parabolic guy,â€ Portnoy said, adding that he â€œis one of my favorite guys.â€ Nonetheless, the Barstool Sports founder insisted, â€œI ainâ€™t swabbing his deck.â€ He further justified his decision to stay away from bitcoin by saying:
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. â€œBitcoinâ€™s the only thing that doesnâ€™t go down. $51,000. Bitcoinâ€™s at fucking $51,000. It was at 11,000 in August. Jesus Christ.â€ He then concluded:
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 Portnoyâ€™s reaction to the rising price of bitcoin? Let us know in the comments section below.
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