- Dave Portnoy famously entered the Bitcoin and crypto market last week with the help of the Winklevoss Twins.
- He originally bought $250,000 worth of digital assets, $50,000 into Chainlink and the rest into Bitcoin.
- The video of him buying this cryptocurrency went crypto-viral as many acknowledged the significance of his entrance into the industry.
- While he was initially up on his investment, he liquidated his Bitcoin and altcoins on Friday.
- Portnoy claimed that he didn’t like losing money, though he later clarified that the loss was relatively small.
What Pushed Dave Portnoy to Sell His Bitcoin? A 1.6% Loss, Apparently
On Friday, Dave Portnoy, the founder of Barstool Sports and a celebrity Bitcoin and stock day trader, revealed that he was exiting the crypto market. He wrote in a tweet that went viral in the crypto space:
“I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done.”
I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done. #bitcoin
— Dave Portnoy (@stoolpresidente) August 21, 2020
He added in a separate message that he is getting “killed” with Bitcoin, adding that he was up $150,000 at one point but is now down.
Portnoy clarified a day later that he actually lost $20,000 from his initial $1,250,000 investment, which amounts to a mere 1.6%. Many in the cryptocurrency space referenced the number, noting how Portnoy wasn’t ready for the fast and volatile Bitcoin market.
According to the investor, though, losses of any kind of magnitude are unacceptable as stocks “only go up.”
“Yes. You crypto morons don’t get it. I’m trying to educate you. You make great memes and I respect the simple way you live your lives. But losing of any kind is unacceptable. Six figure days or bust.”
Yes. You cryto morons don’t get it. I’m trying to educate you. You make great memes and I respect the simple way you live your lives. But losing of any kind is unacceptable. Six figure days or bust. https://t.co/tikLGCMdeb
— Dave Portnoy (@stoolpresidente) August 22, 2020
Will Portnoy Be Missing Out on Anything?
Portnoy exiting his positions in Bitcoin and other cryptocurrencies raises the question if he will be missing out on anything, any potential upside.
According to a number of analysts, he will be missing out on exponential upside in the BTC price.
Dan Tapiero — the co-founder of DTAP Capital and Gold Bullion International — recently noted that Bitcoin could gain 400 to 900 percent this bull cycle:
“Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.”
Chart of BTC's macro price action (Logarithimic chart) by Bitcoin bull and gold investor Dan Tapiero. Chart from Bloomberg
Raoul Pal echoed this. The Wall Street veteran commented that BTC is likely to be the best-performing asset over the next two years.
Featured image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Dave Portnoy Lost 1.6% of His Crypto Investment, Then Liquidated His Bitcoin