The Barstool Sports founder turned stock trader appears to have been prematurely stung by the highly volatile world of Bitcoin trading.
Portnoy, who has recently expressed a lack of knowledge on crypto, tweeted a video on August 21, stating that he was ‘getting killed on Bitcoin right now.’
In a follow-up tweet, the stock trader added that he just lost $25,000 and needed time to ‘figure it out’ just like the stock market.
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. #bitcoin
— Dave Portnoy (@stoolpresidente) August 21, 2020
Portnoy went on to mention Chainlink supporters, also known as ‘LINK Marines, ’ labeling them as frauds presumably because the asset has recently gone through a correction after hitting an all-time high.
Showing yet more ignorance, the ranting continued in the video:
“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.”
The crypto community responded to the latter tweet labeling the blogger as weak for not being able to tolerate the downsides of Bitcoin trading. Full-time Bitcoin trader going by the handle ‘Emperor’ added that “this is what happens if you come to our world, trying to act smart.”
Portnoy hosted the Winklevoss twins at his house earlier this month for some enlightenment on the crypto industry, during which he made a few trades on their Gemini exchange using the $250,000 he claimed to have sent to the exchange before their arrival.
The most recent crypto-related tweet on Portnoy’s overactive feed says it all:
“I’m out on crypto because coins don’t always go up. Stocks on the other hand continue to always go up.”
Bitcoin Beats a Retreat
Since tapping a 2020 high of around $12,400 on August 17, Bitcoin has started to correct. Portnoy appears to have bought at the top of this current cycle and panicked when the asset started to pull back, which it has done countless times over the past decade.
Looking at the bigger picture, Bitcoin is still up over 60% since the beginning of this year, so those with the staying power would still largely be in profit.