Dave Portnoy – Barstool Sports founder turned stock market trader has exited the cryptocurrency space; just one week after starting his journey with Bitcoin.
The influential stock trader (@stoolpresidente) had announced his interest in Bitcoin to his 1.7 million followers, and after a meeting with the Winklevoss Twins proceeded to buy Bitcoin (BTC) and ChainLink (LINK).
However, one week on and after a $25,000 dip in his portfolio due to the cryptocurrency market volatility, Mr Portnoy has tweeted his exit from Bitcoin.
“I’m getting killed right now in Bitcoin. It took me months to figure out the stock market, I admit that. I went in, I lost money — that’s what’s happening in Bitcoin,” he remarked, noting his unwillingness to take time to study the digital asset.
“I don’t need this, I know how the stock market works. I own the stock market. This Bitcoin — I don’t trust this market at all. I may be out of it by the end of today, and never come back. If Bitcoin people want to keep my money, you better get Bitcoin up today, or else I’m f****** out.”
Portnoy however admitted to have been up $150,000 in profits before the price correction of ChainLink (LINK) which had continued to beat its high prices over the past weeks.
Following his initial outburst, Dave Portnoy later confirmed his exit from crypto on Aug.21 as Bitcoin price retraced to about $11,400 at the time.
Reacting to his tweet, the crypto community and some followers laughed off his comments; as many queried his lack of patience, Bitcoin education, and inability to hold strong in times of price correction.
One follower questioned the logic behind Dave’s Bitcoin exit after a 1.6% dip in his portfolio. To this, the stock trader responded saying he prefers the stock market weekly six figures to the patience it takes to trade the volatile cryptocurrency market.
Another crypto enthusiast described Dave as lacking the balls to trade the Bitcoin market.
According to Yan Pritzker, the stock trader’s story is similar to that of most Bitcoin newbies – who hear about BTC, buy without proper understanding, lose cash, and then rush back (FOMO) in when BTC price rises.
Dave Portnoy’s case serves as an educative message for beginners in the Bitcoin and cryptocurrency industry.
Here are a few guidelines to make your crypto journey more fruitful:
This educative message is brought to you by NairaEx – Nigeria’s #1 no-fee Bitcoin brokerage since 2015 . Buy & Sell Bitcoin (BTC) on NairaEx.com.
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