Dave Portnoy said that his out of the crypto market for now because he has realized that coins don’t always go up

By Selena On Aug 22, 2020

Dave Portnoy, founder and chairman of Barstool Sports, said that he is currently leaving the crypto market because he has realized that “coins are always going up”. It looks like Portnoy’s journey took place too short because he only had access to cryptocurrency since August 13 – the time he bought $ 200,000 of Bitcoin and $ 50,000 Chainlink with the help of the Winklevoss twins — the co-founders of crypto exchange Gemini. Expressly, the two accepted Portnoy’s invitation and went to the Bitcoin explainer for him and showed him how to buy the cryptocurrency.

I Am Now the Baron of Bitcoin Featuring The Winklevoss Twins @tylerwinklevoss @winklevoss pic.twitter.com/0cGxEGZCs5

— Dave Portnoy (@stoolpresidente) August 13, 2020

Dave Portnoy sold out BTC, LINK, and OXT after losing $ 25,000

Portnoy bought Bitcoin and Chainlink at transaction prices around $ 11,500 and $ 18. In the beginning, Portnoy was quite enthusiastic about finally joining the crypto community.

$link to the moon.

— Dave Portnoy (@stoolpresidente) August 15, 2020

After that, two days, he invested some money in Orchid Protocol (OXT).

I’m now in on the shitcoin $oxt. Orchids never die. #bitcoin #shitcoin #pump https://t.co/ZuaO705ljd

— Dave Portnoy (@stoolpresidente) August 17, 2020

On August 17, after discovering that Warren Buffett’s Berkshire Hathaway had decided to invest in gold mining company Barrick Gold (NYSE: GOLD), he mocked Buffett for choosing gold over Bitcoin.

???. Old man Buffett buying tin while struggling to put in his dentures meanwhile @elonmusk and I are mining it for free from the asteroids. Go #bitcoin or go home. https://t.co/8B6TCRtsWE

— Dave Portnoy (@stoolpresidente) August 17, 2020

On August 18, when the Chainlink price had dropped to around $ 17.50, he remained confident that with the support of the LINK “marines” (i.e., LINK HODLers), Chainlink would soon go up again.

Rest assured my fellow #linkmarines we will make whoever dumped $link pay. pic.twitter.com/zqXB7lQBRc

— Dave Portnoy (@stoolpresidente) August 18, 2020

Then yesterday, through the following two tweets, it was seen that Portnoy was disillusioned with the crypto market after losing around $ 25,000:

I make 6 figures a day like clockwork in the real stock market. No need to sit around losing money waiting for Elon to mine gold from outer space. I’ll have built my own house on the moon before that day comes. If I wanna lose 7 figs on wives tales ill stick with the track. https://t.co/CSxjziozAG

— Dave Portnoy (@stoolpresidente) August 21, 2020

I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done. #bitcoin

— Dave Portnoy (@stoolpresidente) August 21, 2020

Portnoy was especially disappointed with Chainlink and Orchid Protocol as their prices fell around 23% and 17% after he bought them.

Finally, late yesterday, he released a video that shows him complaining about the crypto community mocking him for getting out of the crypto market after just nine days, blaming the Chainlink and Orchid Protocol traders for his losses, and expressing frustration about the fact that cryptocurrencies —Unlike stocks — do not always go up:

DDTG ALERT: I’m out on crypto because coins don’t always go up. Stocks on the other hand continue to always go up. pic.twitter.com/8zfOvNqEVX

— Dave Portnoy (@stoolpresidente) August 21, 2020

However, it seems that Portnoy has not completely given up on the idea of trading cryptocurrencies again at some point in the future since he says in this video that he has kept his Gemini trading account open.

It is understandable why Portnoy does not say bad about Bitcoin or Bitcoiners since according to him he bought Bitcoin on August 13 when it was trading around $11,500 and if he sold around the time of his first tweet on August 21 about cashing out, this means that he sold his BTC holdings when Bitcoin was trading around $11,650, which means that he actually made a small profit (roughly 1.3%) on his Bitcoin trade.

Once Bitcoin starts its next major rally, it would not be too surprising to see Portnoy go back to the Gemini exchange and buy Bitcoin again.

Blockstream Co-Founder and CEO Adam Back, who is a Bitcoin maximalist, had this to say to Portnoy:

“Yeah, you shouldn’t have bought the shitcoins! They are designed to separate people from their BTC (or their money generally). Bitcoin goes up and down, IMO you are better off to HODL as most of the gains are in a dozen days per year, so your worst risk is being out of the market.”

He concluded:

“Also, day trading Bitcoin is risky, it’s better to hold for a few years at least, but if you want BTC day trading, leveraged BTC perpetual futures on one of the platforms supporting them are a way to really amp risk/reward towards the casino, without getting into rigged alt territory.”

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