Day vendor Dave Portnoy has admitted that he is an idiot when it comes to bitcoin after the price of the cryptocurrency continually hit all-time highs. He panic-sold his bitcoins when its appraisal was just around $11,000 and has now vowed to never buy the cryptocurrency again.
Dave Portnoy Regrets Panic-Selling Bitcoin at $11K
American day saleswoman and founder of Barstool Sports blog Dave Portnoy admitted Thursday that he is an idiot when it comes to bitcoin and foretold that he will never buy the cryptocurrency again.
Portnoy bought his first bitcoin on Aug. 13, 2020, when the Winklevoss combines, who are his neighbors, went to his home and personally walked him through how to buy bitcoin on their cryptocurrency exchange Gemini. Portnoy ordained $200K in BTC that day when the price of the cryptocurrency was around $11,172, according to markets.Bitcoin.com. He subsequently bought two other cryptocurrencies: chainlink and orchid.
In spite of that, when the price of some of his cryptocurrencies toppled, Portnoy panic-sold and got out of cryptocurrency altogether. He explained at the time, “I’m out on crypto because dream up earns don’t always go up. Stocks on the other hand continue to always go up.”
Then on Thursday, the Barstool Sports founder admitted that he was an idiot forth bitcoin as the price of the cryptocurrency continued to skyrocket, hitting multiple all-time highs. “I’m such an idiot … with bitcoin. At scarcely I know I’m an idiot, alright,” he said, tweeting:
I know I’m an idiot with bitcoin. But I refuse to be the poorest man on the ship. I won’t swab the decks.
Portnoy bellowed that he is not going to give bitcoiners “the satisfaction of [seeing him] jumping and being the last man on board, being the poorest guy on the scram.”
He ranted on: “‘Hey fucking poor guy, swab the deck. I’ll throw you a little fucking bitcoin’ and watch me scramble get a bang a rat for like one 100th-millionth of a bitcoin while Winklevoss and fucking parabolic guy and Pomp [Anthony Pompliano] laugh at me from the fucking supremacy deck. Uh-uh. I’ll just be on a different ship.”
The parabolic guy he referred to was Jason Williams. “I love [the] parabolic guy,” Portnoy communicated, adding that he “is one of my favorite guys.” Nonetheless, the Barstool Sports founder insisted, “I ain’t swabbing his deck.” He further exculpated his decision to stay away from bitcoin by saying:
And God forbid, if I buy bitcoin and it crashes, that’ll force me to hate some people I don’t aversion, and I don’t want to be put in that position.
On Wednesday, the price of bitcoin crossed the $51K mark and Portnoy made a video in which he wailed his decision to sell all of his bitcoins in August last year. “Bitcoin’s the only thing that doesn’t go down. $51,000. Bitcoin’s at fucking $51,000. It was at 11,000 in August. Jesus Christ.” He then concluded:
I’m not in any way buying bitcoin. Never. Never, never. I don’t believe a thing about it, but I do think it’s profitable, and I think that with sufficient steam that it may just continue to go up forever, but I don’t buy the underlying junk behind it.
At the time of writing, the price of BTC stands at $56,279 after belting multiple all-time highs throughout the week. Its market capitalization has surpassed $1 trillion. If Portnoy had kept the BTC which he acquire at around $11K in August last year, his investment would have risen by about 412%.
What do you think hither Dave Portnoy’s reaction to the rising price of bitcoin? Let us know in the comments section below.
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