David Portnoy, the founder of sports blog and news site Barstool Sports, has made a name for being a Bitcoin bull. However, it appears that a string of losses has forced him to cut bait and abandon the fledgling asset.
Treading in Unfamiliar Waters
Yesterday, Portnoy shared in a Twitter video that he had run into a mishap on his crypto trades. He explained that, like the traditional stock market, he had “messed with” Bitcoin and was now paying dearly.
Highlighting his pain, Portnoy confirmed that he had lost $25,000 in trades and was now taking some time off. He cited a lack of available time to understand Bitcoin trading better. The sports blog founder also criticized Chainlink, calling its advocates “frauds” who were merely selling the asset after any slight gain.
His frustrations eventually boiled over, as he claimed that he was “done with Bitcoin.
“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.”
Portnoy eventually tweeted that he had left the Bitcoin market. He would be leaving with his $25,000 in losses and searching for new investment opportunities.
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’s sentiment differs from just a few days earlier, when he tweeted that he was up by about $100,000 in Bitcoin in two days. The investor, who calls himself “Dovey Day Trader,” even predicted that he’d have made a million by September.
Too Early to Quit?
His pain might be a tad premature, however. While Bitcoin might have struggled with profitability this week, it had risen significantly in the past month.
Analysts also believe that things could get better for Bitcoin in the coming months. Yesterday, Grayscale Investments, the largest institutional crypto investment firm, released a report that claimed the market was in its “late 2016” stages again.
Grayscale’s report highlighted that demand for Bitcoin would grow with the surge in inflation. The report identified several on-chain indications showing surging crypto interest, including a growth in long-term holding over short-term speculation.
The company also noted that daily active Bitcoin addresses are at their highest level since late 2017, when the asset reached its all-time high position. Loosening monetary policy from the United States and its abandonment of the gold standard has also created asset bubbles. The fact that companies are more dependent on quantitative easing methods at this time has also helped Bitcoin’s position.
The coronavirus pandemic has forced many to question the strength of America’s traditional financial industry. With many looking for safe havens to hedge their wealth, Bitcoin is looking more attractive to investors. So, while it might struggle for now, the future looks bright for the top cryptocurrency.
More Bitcoin interest will definitely spur the asset’s price. Perhaps Portnoy might live to regret his decision.