Barstool’s Dave Portnoy Is Preparing to Re-Enter the Bitcoin & Crypto Market
Dave Portnoy has been dabbling in the crypto and Bitcoin market for a few weeks now. After being reintroduced to the cryptocurrency market by Twitter, the Barstool Sports founder and celebrity day trader has been frequenting Crypto Twitter.
It reached a point where he was introduced to the Winklevoss Twins, who co-founded the Gemini crypto exchange.
Portnoy was then visited by the twins, who convinced him to buy Bitcoin and Chainlink (LINK). According to the Barstool founder, he purchased around $200,000 worth of Bitcoin and $50,000 worth of Chainlink. The cryptocurrency market then rallied around 5% in the day after he made this purchase, with LINK especially surging.
After temporarily selling all his cryptocurrencies due to $25,000 worth of losses he incurred, Portnoy just announced that he may re-enter this nascent market.
Dave Portnoy May Soon Re-Enter Bitcoin
On August 30th, the Bitcoin newbie announced that he will soon re-enter the crypto market once he’s figured out the intricacies of the crypto market. In his words:
“For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in.”
For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in. pic.twitter.com/SQiEw9Xeql
— Dave Portnoy (@stoolpresidente) August 30, 2020
He previously exited the crypto market because he incurred a loss on two of three of his cryptocurrencies, Chainlink and Orchid (OXT):
“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… You LINK Marines are a bunch of f**ing frauds — you guys keeping on dumping this, not pumping it.”
Focus on Chainlink
When he returns to crypto, Portnoy is expected to have a focus on Chainlink and other altcoins, not just Bitcoin.
He explained in a recent tweet that he intends on “saving” the LINK marines, who he notes need saving due to Chainlink’s recently dropping price.
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Nick Chong, Khareem Sudlow