Barstool Sports founder Dave Portnoy sold all his bitcoins due to price drop

The cryptocurrency industry has lost a wealthy supporter – late last week, millionaire and founder of Barstool Sports Dave Portnoy announced that he was parting with his bitcoins and other coins. Recall that in early August, Dave announced his desire to purchase BTC . Later, he met with the founders of the Gemini exchange, the Winklevoss brothers, who convinced him to invest in the industry. However, in the end it all ended in failure.

Сначала всё шло отлично: Портной сумел заработать как минимум 100 тысяч долларов на крипте всего за неделю. Он воодушевился перспективами цифровых активов и призвал своих подписчиков активно инвестировать в альткоины . Однако уже на прошлой неделе он отчитался о потере как минимум 25 тысяч долларов , падении Chainlink и последующей продаже всех своих биткоинов . Это стало поводом для активизации поклонников криптовалют, которые раскритиковали инвестиционный подход Портного и его слабость.

Why sell Bitcoins

Portnoy reported on his latest decision on his Twitter account. Here is his reply, in which he shared the details of the situation.

I have no bitcoins now, I will sit and wait. I lost 25 thousand. As with the stock market, I had to reflect on the situation. I know. Link's Marines are weak and Orchid flowers are dying in the crypto world. I may or may not leave [the industry].

"Морские пехотинцы" или как их еще называют Link Marines — фанаты альткоина Chainlink Link , который установил новый исторический рекорд своей стоимости и порадовал многих инвесторов быстрым ростом в августе. Портной вложился в монету на волне хайпа почти на самом пике и потерял деньги, так как с 16 по 21 августа стоимость Chainlink просела более чем на 35 процентов.

Here is a graph of the LINK cryptocurrency, which shows the reason for its sale.

altcoin trading chart

Chainlink drop marked on the chart

Well, " Orchid flowers" is a reference to the Orchid altcoin, which has risen in price by more than 360 percent in a couple of days this month. For illustration, we also give a graph of its price.

altcoin trading chart

Orchid's explosive growth has rocked so many in the crypto community

Дэйву очень не повезло: хоть у него и есть опыт торговли на фондовом рынке, он пришел в криптоиндустрию на волне хайпа и без полного понимания всех правил, которые здесь есть. К примеру, подобные пампы Chainlink и Orchid стали уже обыденностью для бывалых криптоэнтузиастов, а вот Портной допустил ошибку, когда решил приобрести монеты сразу после пампа. Более того, он продал все криптовалютные сбережения, чем по сути зафиксировал собственные убытки .

Note that if the entrepreneur did not get rid of the coins, he would have the opportunity to earn money in the near future. For example, at the end of the week, the Smart Contract Summit will be held – the largest DeFi conference of the year, which will be attended by the co-founder of Chainlink Sergey Nazarov. Usually, such events are actively promoting projects on the Internet, since what is happening at conferences is covered by the media. So the reason for the growth of the same Link may arise in the near future. However, this approach of Dave is still wrong: you cannot exit after the first failure, as well as fix losses. And even more so if the investor believes in the project.

Another funny thing is the comments under Dave's post. Many reproach him for his "weak hands". This is another meme of the cryptoindustry, which refers to those who have not managed to hold an asset for a long time to make a profit. Indeed, in order to survive the sinking of the rate of coins and moreover – to buy them at a reduced cost – you really need to have a strong hand. Here are quotes from Portnoy's subscribers who were disappointed by his decision.

How can you hold pizza with such weak hands?

There were many similar comments.

Lol, the dude only lasted a week in the crypt.

However, someone criticized the Winklevoss brothers. As we already mentioned, it was they who introduced Portnoy to the delights of cryptocurrencies.

The Winklevoss twins need to be slapped in the head for letting you buy Chainlink after quadrupling its price.

Of course, someone has already made a video with a meme.

The tailor appreciated the joke and noted that he could come back at least for the memes.

There was also another funny video.

Overall, however, the verdict is clear: Tailor is too emotional for the cryptocurrency industry . This was confirmed by a trader under the nickname WolfOfCrypto.

Как бы там ни было, даже благодаря своему непредусмотрительному действию Портной неплохо пропиарил индустрию криптовалют. Всё же Дэйв известен в индустрии спорта, а блокчейн с последней пока не особо пересекается. Поэтому подписчики предпринимателя явно захотят узнать больше о нише, где можно за день заработать тысячи долларов. Впрочем, равно как и потерять.

What do you think about this? Share your opinion in our crypto chat millionaires. We are also waiting for you in Yandex Zen for adding articles.


0 Comments on “Barstool Sports founder Dave Portnoy sold all his bitcoins due to price drop”

Leave a Reply

Your email address will not be published. Required fields are marked *