Dave Portnoy is arguably one of the most influential and somewhat controversial legacy market traders out there.
Portnoy made major headlines last month after saying that the legendary investor Warren Buffett is “washed up.” He has regularly been posting videos where he’s supporting the merit that stock markets “always go up” and, at times, claiming that he’s making money off stocks he didn’t even know he owned.
Now, the poster-child of the day-trading boom, says he’s “coming to Bitcoin.” And he has upwards of 1.7 million followers behind him.
Yesterday, Portnoy posted a video where he officially invited the founders of Gemini – a well-known cryptocurrency exchange, the Winklevoss Twins, to explain Bitcoin in detail to him.
Shortly after, Tyler Winklevoss tweeted that the invitation is accepted.
Today, in a true Portnoy fashion, the influencer doubled-down:
Of course, it’s entirely possible that Portnoy isn’t really serious about starting his foray into Bitcoin and cryptocurrencies, but it’s undoubtedly something worth considering.
It’s no secret that influencers and their massive following can influence the price of an asset. The most recent example of this is Dogecoin.
As CryptoPotato reported earlier in July, Dogecoin surged by more than 100% in less than a couple of days. The reason for this wasn’t attributed to complex fundamental or technical indicators.
Instead, a person on TikTok urged his followers to buy the token on the count that it’s practically worthless, and if they invested just a small sum then, it would be worth a fortune if the coin hits $1.
That’s not the only case of retail interest driving a tremendous increase in the price of an asset. Another example came from the legacy market when Hertz stock pumped 1000% after filing for bankruptcy. Reports indicate that at least 160,000 Robinhood traders own the stock.
Whether Portnoy comes to Bitcoin or not is something we have yet to see, but if one thing true it’s that he has a massive following that could, potentially, influence the price.
Featured image courtesy of Business Insider