- Dave Portnoy has been rubbing shoulders with the Bitcoin and crypto industry for the past few weeks.
- It began when people started to shill BTC to the Barstool Sports founder during his live streams.
- Because BTC was rallying, as were altcoins, he was enticed to invest.
- After depositing over $1,000,000 into Bitcoin and altcoins, he cashed out, citing a $25,000 loss he took on two coins: Orchid and Chainlink.
- While Portnoy claims he will soon re-enter crypto, he recently told his followers to ditch Bitcoin for stocks.
- Dave Portnoy, while the founder of Barstool Sports, has become a celebrity day trader since the start of 2020.
Dave Portnoy Wants BTC Holders to Ditch Crypto for Stocks
On September 2nd, Portnoy begged his “crypto friends” to get involved with the stock market. The S&P 500 pushed higher 1.5% in the past 24 hours, with monetary stimulus and retail buyers continuing to press the value of the leading index to the upside.
Portnoy cited Bitcoin’s ongoing correction, which brought it to a local low around $11,200 just 18 hours ago as of this article’s publishing:
“I’m begging my #crypto friends to get involved in the stockmarket. #Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!”
I’m begging my #crypto friends to get involved in the stockmarket. #Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move! https://t.co/kjswWLDX8U
— Dave Portnoy (@stoolpresidente) September 2, 2020
The Barstool Sports founder has stated on many occasions that he doesn’t think Bitcoin and crypto are currently in a good spot because if their inability to give him consistent gains every day. He previously said that “no losses” are allowed with his portfolio, hence why he cashed out of cryptocurrency after taking a 1.5% loss.
Bitcoin Remains in an Uptrend
Portnoy may be right in the near term — stocks outperformed BTC on Wednesday — but many think Bitcoin has room to extend higher.
Dan Tapiero — the co-founder of DTAP Capital, Gold Bullion International, and other companies — recently noted that BTC is on the verge of extending parabolically to the upside in this market 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.”
Others have echoed this positive sentiment, including Mike McGlone of Bloomberg, BitMEX’s Arthur Hayes, and others in and outside of the cryptocurrency space.
Most agree that macro factors, like money printing, is poised to wrest BTC higher.
Photo by Charl Folscher on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's Why Dave Portnoy Wants Bitcoin Investors to Drop BTC for Stocks