Dave Portnoy admits he was wrong about Bitcoin that he bought back in August 2020 but then panic sold it once the price dipped so let’s see what he had to say in our latest Bitcoin news today.
Barstool Sports founder and president Dave Portnoy admits he was wrong about the number one cryptocurrency as he purchased $1 million worth of the coin when the price was $11,500. However, he sold it this year when the price started crashing and lost $25,000. Now, BTC is surging higher than $60,000 and he posted a video on Twitter saying he “Fucked up Bitcoin.” He said that he paper-handed his coins which is a term used by Wall Street Bets for someone that exists positions rather than holding on:
“I want to congratulate all my bitcoin people out there. When you’re wrong, you’re wrong. I fucking paper-handed, sold it. I fucking can’t take bitcoin, the ups and downs. I wish I had it. I took all my money and I put it in what I think I know, and what I can control. I don’t know bitcoin. I fucked up.”
Emergency Press Conference – I Fucked Up Bitcoin pic.twitter.com/wJcRTMn5do
— Dave Portnoy (@stoolpresidente) March 13, 2021
What he thinks he “knows’ is stocks so he made some big returns by buying airline stocks in the pandemic when they dropped before surging back up. If he held on to BTC, his initial investment would have been worth $5 million. He also has some huge chunks in Penn National Gaming which is a betting company that acquires a huge stake in his company this year, while launching a Barstool-branded sportsbook app in Illinois. Penn hit a new all-time high over the past week and minutes after posting the video, Portnoy posted a chart showing that the Penn stock is up even more than Bitcoin is in the past 12 months:
“On Second Thought I Guess I Did Okay Sticking With What I Know This Year.”
As reported recently, Dave Portnoy released a video on Twitter where he vowed he will never buy bitcoin again. Once the world of sports shut down with the start of the pandemic, the army of sports betters turned to other forms of gambling like betting on the financial markets and trading on Robinhood for example. There was no trader that embodied this trend better than Portnoy as he made his wins and losses public but stuck to the stock market most of the time.
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