After buying the top and selling the bottom, Barstool Sports Dave Portnoy appeared on Anthony Pompliano’s podcast on “The Pomp Podcast” to discuss bitcoin and cryptocurrencies.
During his interview, he revealed that he bought $1.25 million worth of Bitcoin.
“It’s just one big Ponzi scheme…You get in, and you just have to not be the one left holding the bag,” said Portnoy. “It's no different from the stock market. Everyone's pumping their own [coin], alright.”
Structurally people call things ponzis when it looks like a bubble and with no real productivity shown.
Early stage startups with ever increasing valuations fall into this camp.
The thing is, it looks like a ponzi until it takes over as the new normal and changes the world. https://t.co/88MZpSFdEn
— Willy Woo (@woonomic) September 25, 2020
Pomp, however, did take care of trying to make him understand how “Bitcoin is stronger than anything in the world,” and nobody, not even the government, can hack it. “It's got more computing power on it than anything,” said Pompliano.
The day trader who became popular during the coronavirus pandemic lockdown by trading anything and everything because “stocks only go up,” has “nothing” in crypto right now. He sold all his million-dollar stack of sats.
He didn't know what was going on and couldn’t handle all that volatility. “There is no rationale why it is going up; I have no idea why it is going up or down,” he said.
Pompliano gave him the advice of being a HODLer, “You can’t look at it, because you’ve got weak hands. You’ll sell it.”
“The thing I miss the most is the memes,” Portnoy told crypto investor Pomp, sharing how crypto twitter made him go “these are kind of like my people.”
But he isn't out for good, Portnoy said his “heart is crypto,” and he will be back. He doesn't know when but he will; up until then, he is all about stocks.
Watch the full podcast here: