Day trader Dave Portnoy has admitted he’s an idiot when it comes to Bitcoin after the price of the cryptocurrency has continuously hit all-time highs. He sold his bitcoins in a panic when the price was only around $ 11,000 and now vowed never to buy the cryptocurrency again.
Dave Portnoy regrets panicking Bitcoin for $ 11,000
American day trader and founder of Barstool Sports blog Dave Portnoy admitted on Thursday that he is an idiot when it comes to Bitcoin and said he would never buy the cryptocurrency again.
Portnoy bought his first bitcoin on August 13, 2020 when the Winklevoss twins, who are his neighbors, went to his house and personally guided him through the purchase of bitcoin on their Gemini cryptocurrency exchange. Portnoy invested $ 200,000 in BTC that day when the price of the cryptocurrency was $ 11,172, according to Markets.Bitcoin.com. He then bought two more cryptocurrencies: Chainlink and Orchid.
However, when the price of some of its cryptocurrencies fell, Portnoy panicked and sold out of the cryptocurrency altogether. At the time, he stated, “I’m on crypto because coins don’t always go off. The stocks, on the other hand, keep rising. “
Then, on Thursday, the founder of Barstool Sports admitted he was an idiot for Bitcoin as the price of the cryptocurrency continued to skyrocket, reaching several all-time highs. “I’m such an idiot … with Bitcoin. At least I know I’m an idiot, okay, ”he said, tweeted:
I know I’m an idiot with bitcoin. But I refuse to be the poorest man on the ship. I’m not going to wipe the decks.
Portnoy exclaimed that he would not give Bitcoiners the satisfaction [seeing him] Jump and be the last man on board, the poorest man on the ship. “
He continued to scold, “Hey bloody poor guy, blot the deck. I’ll throw you a little bit of damn bitcoin and watch me crawl like a rat for a 100 millionth bitcoin while Winklevoss and the damn parabolist and pomp [Anthony Pompliano] laugh at me from the damn upper deck. Uh-uh. I’ll just be on another ship. “
The parabolic guy he was referring to was Jason Williams. “I am in love [the] Parabolic, ”Portnoy said, adding that he“ is one of my favorite boys. “Even so, the founder of Barstool Sports insisted,” I don’t wipe his deck. ” He justified his decision to stay away from Bitcoin with the words:
And god forbid, if I buy bitcoin and it crashes it forces me to hate some people I don’t hate, and I don’t want to be put in that position.
On Wednesday, the price of bitcoin passed the $ 51,000 mark and Portnoy filmed a video lamenting his decision to sell all of his bitcoins in August last year. “Bitcoin is the only thing that won’t go under. $ 51,000. Bitcoin costs a damned $ 51,000. It was at 11,000 in August. Jesus Christ. “Then he concluded:
I never buy bitcoin. Never. No way. I don’t believe in it, but I think it’s profitable, and I think that with enough steam it can just keep going up forever, but I’m not buying the underlying junk behind it.
At the time of writing, BTC is priced at $ 56,279 after hitting multiple all-time highs over the week. Market capitalization has exceeded $ 1 trillion. If Portnoy had kept the BTC he bought last August at around $ 11,000, his investment would have increased by about 412%.
What do you think of Dave Portnoy’s reaction to the rising Bitcoin price? Let us know in the comments below.
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