Dave Portnoy Meets Pomp: ‘bitcoin Is Just One Big Ponzi Scheme.’
Famous day trader and founder of Barstool Sports Dave Portnoy has disclosed that in an interview with crypto-podcaster Anthony Pompliano. He purchased Bitcoin worth $1.25 million, while his just one major Ponzi scheme. The view of Portnoy on the crypto trade was summarised as:
You get in and be the one who leads and not the one who holds the bag.
Among the celebrity of pop-culture and sport, the day-trading exploits of whom have become highly popular in the field of the crypt in the coronavirus pandemic. After a meeting with Winklevoss’ billionaire twins in August, he entered the Bitcoin market (BTC).
In 15 minutes, Portnoy said, he understood that he wanted to get into crypt because “these are sort of like my friends” in his Twitter posts about Bitcoin.
Portnoy said, at some point, that he owned BTC for $1.25 million. Just eight days after the experience of cryptography, his investment on Chainlink took a sharp hit, and Portnoy declared, ‘I’m out of cryptography because coins don’t always come up.’
Portnoy seems to have been retiring after his departure, saying that his “heart is the crypt,” and he’s moving back.
However, the experience tends to shake Portnoy. The volatility of his $1 million crypto portfolio is too irrational, and he thinks it’s too much money to manage because he doesn’t know what’s happening. “Nothing takes it up, I don’t know whether it’s up or down,” he explained,
Even though he has dropped out, he also plans to return ultimately to Bitcoin. “I’m trying to get in Bitcoin again. “I don’t even need a lot of liquid — it’s all invested,” he said.
Pompliano recommended Portnoy to keep Bitcoin until the end of next year instead of trading:
If it looks like a bubble and has no real efficiency seen structurally, people call stuff Ponzis, said Bitcoin and cryptocurrency analyst Willy Woo. Early start-ups fell into this camp of ever-growing valuations. It sounds like a Ponzi before the modern standard and shifts the world taking over.
Portnoy has found tremendous success in purchasing discount shares, which have flourished in US unparalleled market activities at the post-coronavirus crash stock rally this year. Federal Reserve follows an army of the highest number of day traders: stocks are still increasing.
Portnoy leaped throughout the summer throughout the realm of Blockchain and Blockchain, bowing to his fans’ demands to retire from capital and equity. Portnoy’s cryptocurrencies’ vortex buys around $1.25,000,000 Bitcoin and Chainlink until a slump forced Portnoy to sell his assets.
In August, Portnoy asked the owners of cryptocurrency exchange Cameron and Tyler Winklevoss to demonstrate to him, following a Twitter announcement that it wished to “buy all bitcoins” – which they had effectively achieved later in the month.
You can consider it a gamble when one reaches the extreme; it comes back with a steep fall. You need to understand the fall and rise process, and then only you can earn a big amount. It needs patience, and it is also not possible that every time the coin you invested in will give you the expected results.