Barstool Sports Dave Portnoy Sold $1.25M Worth of his Bitcoin Stash But He Will Be Back

The day trader doesn’t understand the bitcoin market and believes it to be “Ponzi” will be back, if not for the attractive volatility then for the memes.

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.

Despite this and getting a class on bitcoin from Winklevoss brothers, of which the crypto community wasn’t really supportive, Portnoy believes bitcoin is a “Ponzi.”

“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.”

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:

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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