Barstool Sports founder Dave Portnoy vowed he will never purchase BTC again despite the ongoing uptrend in the cryptocurrency so let’s find out why in today’s BTC news.
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.
At some point, the campaign to convince Portnoy to consider cryptocurrencies caught his attention so he spent some time discussing it with the Winklevoss twins. He revealed back in August that he had purchased some BTC and put $200K into the leading cryptocurrency by market cap with a price of $12K per coin along with LINK and Orchid. Days later he sold the coins because “they don’t always go up” while stocks always do. He is now mad at BTC for the same reason and swore he will never buy it again.
The next painful scenario for the investors was when the prices took off skyrocketing without the chances of buying cheaper. In his Twitter video, he started by saying that BTC is the only thing that doesn’t go down but that he won’t buy the underlying junk behind it. He sold his coins because they went down so he put his money into stocks that remained stagnant while BTC skyrocketed to a new ATH. The underlying Junk that he refers to is a network that generates $50 million in revenue per day and transacts trillions over the course of the years with a limited cap of 21 million coins.
He congratulated the investors that are buying expensive homes and cars with the money and admitted that investing in BTC is quite profitable if the cryptocurrency continues increasing “Forever.”
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