Dave Portnoy’s Crypto Stint Already Over with Buying at the Top & Selling at the Bottom


About ten days back, Barstool Sports president Dave Portnoy who became a day trader during the coronavirus pandemic, jumped in bitcoin — million dollars deep in it.

Earlier this week, in his BlockFi sponsored session, he called himself the “Baron of bitcoin,” stating that he is up to $100,000 in his investment only to declare yesterday that he currently has zero bitcoins.

“I currently own zero bitcoins. I will wait and watch,” tweeted Portnoy to his 1.7 million followers. “I may or may not be done.”

“Just like with the stock market, it took my brain time to figure it out,” he said.

Thanks to his venture into shitcoins, he reportedly lost $25k. Blaming the crypto market, which he said doesn't keep on going up like the stock market, he added, “The Link Marines are weak, and the orchid flowers do die in the crypto world.”

But according to trader and economist Alex Kruger, “Link Marines are not weak. Link marines dumped on Portnoy.”

The day Portnoy talked about pumping LINK to the moon, a week back, the digital asset made a new all-time high to $20. However, before that, LINK had already become the fifth largest cryptocurrency with its explosive gains and repeated new highs.

Since that day, LINK has corrected nearly 20% and is currently trading at $15.52.

As for the Orchid (OKT), the day Portnoy shilled the altcoin, one of the handful cryptos available on Gemini — the Winklevoss twins’ founded cryptocurrency exchange that has been sponsoring Portnoy’s crypto stint, the token dumped, having already rallied over 200% in the weeks before that.

Portnoy, who was heralded as the one bringing a mass of new investors into the market, was torn into by the crypto community for being a bad cryptocurrency trader.

Many weren't happy with Tyler and Cameron shilling him “shitcoins” and that he should have just stuck to bitcoin because “they are designed to separate people from their BTC (or their money generally),” said Adam Back, co-founder of Blockstream who further advised HODling BTC or went with leveraged perpetual futures if one wants to day trade BTC.

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Others meanwhile pointed out how, “No suits to beat here, Dave. It's a pure street fight,” and “saying a prayer for his next pump and dump attempt.”

portnoy bought the top

And as one crypto trader said, “This is what we qualify as a noob trader.”

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According to Dan Tapiero, co-Founder of 10T Holdings, the Winklevoss twins “did him the disservice of not explaining bitcoin; instead of focusing on the absurdity of gold asteroid mining and chainlink, which itself is complex.” Portnoy cried for some mentorship on BTC, but “no one answered his call,” he added.

As we reported, Portnoy first got into Bitcoin during the bull rally of 2017 when he said he doesn’t understand it but can't get enough of it either, calling it “Mario Brothers.”

It’s to be seen if Portnoy will re-enter the market once bitcoin starts flying again or if it's finally over for the so-called “King of Bitcoin.”

Bitcoin (BTC) Live Price

1 BTC/USD =$35,277.8848 change ~ -3.89%

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24 Hour Volume

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24 Hour VWAP

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24 Hour Change

$-1,372.90

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