• Sat. Jun 22nd, 2024

Dave Portnoy Has Vowed He Will Never Buy Bitcoin Again



Feb 21, 2021

Dave Portnoy, who is a famous day trader has stated that he considers himself to be an idiot in terms of investing in Bitcoin (BTC). He has made this statement as Bitcoin (BTC) is constantly experiencing a surge with respect to its price and is hitting all-time highs.

He stated that when he sold his Bitcoin (BTC), the price of BTC was just $11,000. He did it because he was scared and panicked due to the price fluctuations in the asset. However, he has now vowed that he will never be investing or buying Bitcoin (BTC) ever again.

Dave Portnoy is known to be a famous day trader as well as the founder of the blog titled “Barstool Sports”. Portnoy stated that the first-ever investment he made in Bitcoin (BTC) was back in August of 2020. At that time, his neighbors, the Winklevoss twins went up to his house and talked about Bitcoin (BTC) and its potential.

They also walked him through the entire process of setting up an account on the wallet and purchasing Bitcoin (BTC). They also show him how he could hold and keep the keys safe for selling in the future. With their guidance, he opened up an account at Gemini and acquired Bitcoin (BTC).

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According to Portnoy, he invested a total of $200,000 in Bitcoin (BTC) and at that time, the price of Bitcoin (BTC) was $11,172 per BTC. He stated that he not only invested in Bitcoin (BTC), but he also made an investment in Orchid and Chainlink, which are other different cryptocurrencies.

However, Portnoy panicked as the prices of the currencies started to dwindle. He stated that he is well aware of the stocks market but the cryptocurrency trading market was something new to him. He was not sure if the prices of the cryptocurrencies would rise back just like it happens in stock trading.

Therefore, he ended up panic-selling the cryptocurrencies he had in his possession. Portnoy admitted to all his followers and the cryptocurrency on February 18, 2021, that he was a fool as he did not see it coming.

Ever since the 3rd quarter of the year 2020 began, the price of Bitcoin (BTC) has only surged and has continued to go higher and higher.

Portnoy stated that although he admits selling Bitcoin (BTC) to be his biggest mistake and loss, he is not planning to go back to currency ever again.

He stated that there are many people in the world that he holds very dear to him. If he ends up buying bitcoin (BTC) again and its prices end up plunging, then he will be hating a lot of them. That is exactly what he does not want to do. Therefore, he will be staying away from Bitcoin (BTC) for good and never returning again.


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