{"id":456978,"date":"2021-02-18T01:00:14","date_gmt":"2021-02-18T01:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=456978"},"modified":"2024-06-11T14:13:25","modified_gmt":"2024-06-11T14:13:25","slug":"sellers-remorse-day-trader-dave-portnoy-swears-off-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/sellers-remorse-day-trader-dave-portnoy-swears-off-bitcoin\/","title":{"rendered":"Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin"},"content":{"rendered":"

Today, Barstool Sports founder turned outspoken pandemic day trader Dave Portnoy<\/a> released a video on Twitter vowing he’d never buy Bitcoin again, despite the ongoing uptrend in the cryptocurrency.<\/p>\n

Is this bearish take simply a bad case of seller’s remorse, or does Portnoy have valid reasons to be this vehemently against Bitcoin?<\/p>\n

Barstool Sports’ Dave Portnoy Swears Off Buying Bitcoin: “Never”<\/h2>\n

When the world of sports shut down at the start of the pandemic, an army of sports betters turned their gambling addictions towards financial markets, and began trading on the likes of Robinhood<\/a>.<\/p>\n

No trader better embodied this trend than Barstool Sports founder Dave Portnoy. Portnoy made his wins and losses very public<\/a>, but stuck to the stock market mostly.<\/p>\n

Related Reading | Forget 2021, Here\u2019s How High Bitcoin Price Can Go By 2026<\/a><\/strong><\/em><\/p>\n

At some point, a campaign to convince Portnoy to instead consider cryptocurrencies caught his attention, and he spent some time sitting down with the Winklevoss twins<\/p>\n

Come August 13, Portnoy had revealed he had bought some Bitcoin<\/a>. Portnoy had put $200K into the leading cryptocurrency by market cap then at a price of around $12,000 per coin, along with some Chainlink and Orchid. Days later, however, he sold the coins because\u00a0“coins don\u2019t always go up.”<\/p>\n

“Stocks on the other hand,” he said, “continue to always go up.” Now, he’s furious at Bitcoin for the very same reason, swearing to never buy the asset again<\/a>.<\/p>\n

\"bitcoin<\/p>\n

Anger and rage overcomes the Barstool Sports founder after seeing Bitcoin trading over $50,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Did The Cryptocurrency Crush His Ego? Or Is There Something Else Going On?<\/h2>\n
The max pain scenario<\/a> for crypto investors recently, has been prices taking off like a rocket without the chance to buy in cheaper. Could missing out on Bitcoin’s epic rise from $12,000 to $52,000 in a matter of months have caused Portnoy to be salty?<\/p>\n
In his latest Twitter video<\/a>, he starts by saying “Bitcoin is the only thing that doesn’t go down,” but that he ultimately “doesn’t buy the underlying junk behind it.” Ironically, he sold his coins, because they went down, and put his money back into stocks that have since been stagnant, while Bitcoin sets record after record.<\/p>\n
Related Reading | Bitcoin Market Cap Surpasses Tesla, Here\u2019s Which Companies Are Next<\/a><\/strong><\/em><\/p>\n
That underlying junk he refers to is a network that generates $50 million in revenue each day<\/a>, has transacted trillions over the course of years, and is limited to only 21 million coins though mathematical code.<\/p>\n
He does congratulate crypto investors who are driving “Ferraris” and “buying houses,” and admits investing in Bitcoin is highly profitable and that the cryptocurrency could continue to go up “forever.”<\/p>\n
Given that used to be his investment thesis, it is only himself he’s hurting with an aversion to buying Bitcoin.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Today, Barstool Sports founder turned outspoken pandemic day trader Dave Portnoy released a video on Twitter vowing he’d never buy Bitcoin again, despite the ongoing uptrend in the cryptocurrency. Is this bearish take simply a bad case of seller’s remorse, or does Portnoy have valid reasons to be this vehemently against Bitcoin? Barstool Sports’ Dave Portnoy Swears Off Buying Bitcoin: “Never” When the world of sports shut down at the start of the pandemic, an army of sports betters turned their gambling addictions towards financial markets, and began trading on the likes of Robinhood. No trader better embodied this trend than Barstool Sports founder Dave Portnoy. Portnoy made his wins and losses very public, but stuck to the stock market mostly. Related Reading | Forget 2021, Here\u2019s How High Bitcoin Price Can Go By 2026 At some point, a campaign to convince Portnoy to instead consider cryptocurrencies caught his attention, and he spent some time sitting down with the Winklevoss twins Come August 13, Portnoy had revealed he had bought some Bitcoin. Portnoy had put $200K into the leading cryptocurrency by market cap then at a price of around $12,000 per coin, along with some Chainlink and Orchid. Days later, however, he sold the coins because\u00a0“coins don\u2019t always go up.” “Stocks on the other hand,” he said, “continue to always go up.” Now, he’s furious at Bitcoin for the very same reason, swearing to never buy the asset again. Anger and rage overcomes the Barstool Sports founder after seeing Bitcoin trading over $50,000 | Source: BTCUSD on TradingView.com Did The Cryptocurrency Crush His Ego? Or Is There Something Else Going On? The max pain scenario for crypto investors recently, has been prices taking off like a rocket without the chance to buy in cheaper. Could missing out on Bitcoin’s epic rise from $12,000 to $52,000 in a matter of months have caused Portnoy to be salty? In his latest Twitter video, he starts by saying “Bitcoin is the only thing that doesn’t go down,” but that he ultimately “doesn’t buy the underlying junk behind it.” Ironically, he sold his coins, because they went down, and put his money back into stocks that have since been stagnant, while Bitcoin sets record after record. Related Reading | Bitcoin Market Cap Surpasses Tesla, Here\u2019s Which Companies Are Next That underlying junk he refers to is a network that generates $50 million in revenue each day, has transacted trillions over the course of years, and is limited to only 21 million coins though mathematical code. He does congratulate crypto investors who are driving “Ferraris” and “buying houses,” and admits investing in Bitcoin is highly profitable and that the cryptocurrency could continue to go up “forever.” Given that used to be his investment thesis, it is only himself he’s hurting with an aversion to buying Bitcoin. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":456981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-456978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nSeller's Remorse: Day Trader Dave Portnoy Swears Off Bitcoin<\/title>\n<meta name=\"description\" content=\"Today, Barstool Sports founder turned outspoken pandemic day trader Dave Portnoy released a video on Twitter vowing he'd never buy Bitcoin again, despite\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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