American internet celebrity Dave Portnoy has returned to the market with the purchase of 29.5 BTC worth $1.1 million, which he announced a few days ago. In addition, Portnoy accuses those who do not allocate a part of their portfolio to Bitcoin as “stupid”. Portnoy, who is also the founder of Barstool Sports, has made interesting statements about Bitcoin over the years. The internet phenomenon, who melted some of his capital in the crypto money market due to his inexperience, says that he will not sell Bitcoin from it. Details are on Cryptokoin.com.
What did Dave Portnoy say about investing in crypto?
In 2020, the Winklevoss twins helped Portnoy make his first BTC investment. Then, in a small fall, Portnoy panicked and sold his entire portfolio. Portnoy, who was ridiculed among the community, says he sold because he did not understand Bitcoin. In his recent interview, he also shared that he has full confidence in cryptocurrencies:
But I realized that Bitcoin is here to stay. It’s not going anywhere. It has been widely adopted. You see major institutions entering the market. This is the future.
Dave Portnoy’s experience with Bitcoin and Safemoon
When Portnoy first liquidated his entire Bitcoin investment, the numbers he was dealing with were:
Portnoy announced a day later that he lost $20,000 from his $1,250,000 initial investment, which is just 1.6%. Many in the cryptocurrency space have cited the number, noting how unprepared Portnoy is for the fast-paced and volatile Bitcoin market.
When Portnoy bought Safemoon, he promised:
I never buy Bitcoin. Never ever, I don’t believe anything about it. But I think it’s profitable, and I think there’s enough steam to keep it rising forever. But I don’t buy the junk that lies behind it.
Portnoy also shared that after being ridiculed, he doubled down on his stance and tried to lure his friends to the stock market:
I beg my friends to join the stock market. Bitcoin (BTC) is stuck in the mud. Let me guide you. We’ll come back to crypto later. Now is the time to strike, and there is no time for weak hands! Move on!
The largest cryptocurrency by market cap is trading at $41,347.28 at the time of writing. 9% higher than last week.
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