{"id":482975,"date":"2022-02-06T02:45:30","date_gmt":"2022-02-06T02:45:30","guid":{"rendered":"https:\/\/wncen.com\/?p=482975"},"modified":"2024-06-11T14:11:15","modified_gmt":"2024-06-11T14:11:15","slug":"dave-portnoy-is-now-a-bitcoiner-thinks-youre-an-idiot-if-you-dont-hold-any","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dave-portnoy-is-now-a-bitcoiner-thinks-youre-an-idiot-if-you-dont-hold-any\/","title":{"rendered":"Dave Portnoy Is Now A Bitcoiner, Thinks You\u2019re An Idiot If You Don\u2019t Hold Any"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A few days ago, <\/span><a href=\"https:\/\/twitter.com\/stoolpresidente\/status\/62647819\" rel=\"nofollow\"><span style=\"font-weight: 400\">Dave Portnoy returned to Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> with an almost $1.1M buy of 29.5 BTC. Today, he thinks \u201cyou are an idiot if it&#8217;s not part of your portfolio.&#8221; The Barstool Sports owner and main personality might have a point, but the whole situation is still funny. Especially, considering everything Portnoy has said about Bitcoin over the years.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/dave-portnoy-wants-to-buy-bitcoin\/\">Barstool\u2019s Dave Portnoy Wants to Buy Bitcoin \u2013 Asks Winklevoss Twins to Teach Him<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">The born-again Bitcoiner visited Stuart Varney in his \u201cVarney &amp; Co.\u201d show at the FOX Business Network. This is what happened:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Always fun joining <a href=\"https:\/\/twitter.com\/Varneyco?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Varneyco<\/a> to talk Bitcoin, <a href=\"https:\/\/twitter.com\/search?q=%24Penn&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$Penn<\/a> and Brady <a href=\"https:\/\/t.co\/NNUV3ALlpW\" rel=\"nofollow\">pic.twitter.com\/NNUV3ALlpW<\/a><\/p>\n<p>&mdash; Dave Portnoy (@stoolpresidente) <a href=\"https:\/\/twitter.com\/stoolpresidente\/status\/68976899?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 4, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400\">What Did Dave Portnoy Tell Stuart Varney About Bitcoin?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In 2020, the Winklevoss twins helped Portnoy to make his first Bitcoin investment. There was a small dip, and Portnoy panicked and sold it all. The community mocked him, and he went on to make questionable investments, but that\u2019s neither here nor there. In the \u201cVarney &amp; Co.\u201d interview, Portnoy reveals \u201cI was waiting for my reentry point.\u201d Impressively, he bought in at $36.9K.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Then, Stuart Varney reminds Dave Portnoy that he said he was getting out of Bitcoin because he didn\u2019t understand it, and asks him if he does now. Portnoy responds, \u201cNo, no I haven\u2019t figured them out. But here\u2019s what I have figured out, Bitcoin is here to stay. It\u2019s not going anywhere. It\u2019s widely adopted. You see main institutions getting in. It\u2019s the future.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Even though Portnoy has a point, it\u2019s funny that he hasn\u2019t even begun to do the homework yet. He just trusts the main institutions\u2019 research and due diligence and goes with it. Retail investors don\u2019t have that luxury, but Portnoy is a wealthy man and his investment is just a small part of his portfolio. In any case, he promises that he will build on it, and eventually, \u201cI\u2019ll probably have a Billion dollars worth of Bitcoin.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400\">What Gives Bitcoin Its Value?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Near the end of the Bitcoin talk, Varney challenges him. He tells Portnoy that he\u2019s too old to wait for Bitcoin to take over, and then, Varney tells him what he really thinks: \u201cIt\u2019s a gambling chip. It\u2019s not a store of value.\u201d Portnoy, who hasn\u2019t done the homework, can\u2019t answer in a proper fashion. We can, though.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Varney, Bitcoin\u2019s price \u201cdepends entirely on how many people want to buy it and how many people want to sell it.&#8221; That\u2019s true, like every market on Earth the price of bitcoin responds to supply and demand. However, the value of Bitcoin comes from the network.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">All over the world, thousands of people invested their money in ASICs that validate transactions. They buy energy, secure the network, and get compensated for it by a system that no one controls and has no owner. And, thousands of node operators keep everyone in check. Plus, millions of holders took their money out of the traditional system and bet on this emerging one. And this is just the beginning.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Besides that, those \u201cgambling chips\u201d that Varney mentioned happen to have the characteristics of perfect money. Mankind has been looking for something like this since it realized that it needed some kind of technology to organize and facilitate trade, which is the bedrock of society. However, if someone owned the Bitcoin network, \u201cthe characteristics of perfect money\u201d wouldn\u2019t be worth a damn. But, no one does. Bitcoin is for everyone.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-482977 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/BTCUSD_2022-02-05_23-33-43.png?resize=460%2C257\" alt=\"BTCUSD price chart for 02\/05\/2022 - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">BTC price chart for 02\/05\/2022 on Gemini | Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">What Has Portnoy Said About Bitcoin?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Mark this as this article\u2019s comedy section. When Portnoy first liquidated all of his bitcoin investment, these were <\/span><a href=\"https:\/\/bitcoinist.com\/dave-portnoy-lost-1-crypto-investment-liquidated-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">the numbers he was dealing with<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cPortnoy clarified a day later that he actually lost $20,000 from his initial $1,250,000 investment, which amounts to a mere 1.6%. Many in the cryptocurrency space referenced the number, noting how Portnoy wasn\u2019t ready for the fast and volatile Bitcoin market.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">After being mocked, he doubled down on his stance and tried to <\/span><a href=\"https:\/\/bitcoinist.com\/heres-why-dave-portnoy-wants-bitcoin-investors-to-drop-btc-for-stocks\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">get people to focus on the stock market<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cI\u2019m begging my crypto friends to get involved in the stockmarket. Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!\u201d<\/span><\/p><\/blockquote>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/sellers-remorse-day-trader-dave-portnoy-swears-off-bitcoin\/\">Seller\u2019s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">To make things funnier, when <\/span><a href=\"https:\/\/wncen.com\/news\/dave-portnoy-buys-safemoon-says-he-doesnt-know-why\/\"><span style=\"font-weight: 400\">Portnoy bought Safemoon, he promised<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cI\u2019m never buying Bitcoin. Never never, I don\u2019t believe a thing about it. But I do think it\u2019s profitable, and I think there\u2019s enough steam that it may just continue to go up forever. But I don\u2019t buy the underlying junk behind it.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Maybe that\u2019s because Portnoy hasn\u2019t even done the minimum effort to understand \u201cthe underlying junk behind it.\u201d However, cheers to him for admitting his assessment of the situation was wrong and correcting his course.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image: screenshot from <a href=\"https:\/\/twitter.com\/stoolpresidente\/status\/68976899\" rel=\"nofollow\">Portnoy in <span style=\"font-weight: 400\">Varney &amp; Co.<\/span><\/a>  | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>A few days ago, Dave Portnoy returned to Bitcoin with an almost $1.1M buy of 29.5 BTC. Today, he thinks \u201cyou are an idiot if it&#8217;s not part of your portfolio.&#8221; The Barstool Sports owner and main personality might have a point, but the whole situation is still funny. Especially, considering everything Portnoy has said about Bitcoin over the years.\u00a0 Related Reading | Barstool\u2019s Dave Portnoy Wants to Buy Bitcoin \u2013 Asks Winklevoss Twins to Teach Him The born-again Bitcoiner visited Stuart Varney in his \u201cVarney &amp; Co.\u201d show at the FOX Business Network. This is what happened: Always fun joining @Varneyco to talk Bitcoin, $Penn and Brady pic.twitter.com\/NNUV3ALlpW &mdash; Dave Portnoy (@stoolpresidente) February 4, 2022 What Did Dave Portnoy Tell Stuart Varney About Bitcoin? In 2020, the Winklevoss twins helped Portnoy to make his first Bitcoin investment. There was a small dip, and Portnoy panicked and sold it all. The community mocked him, and he went on to make questionable investments, but that\u2019s neither here nor there. In the \u201cVarney &amp; Co.\u201d interview, Portnoy reveals \u201cI was waiting for my reentry point.\u201d Impressively, he bought in at $36.9K. Then, Stuart Varney reminds Dave Portnoy that he said he was getting out of Bitcoin because he didn\u2019t understand it, and asks him if he does now. Portnoy responds, \u201cNo, no I haven\u2019t figured them out. But here\u2019s what I have figured out, Bitcoin is here to stay. It\u2019s not going anywhere. It\u2019s widely adopted. You see main institutions getting in. It\u2019s the future.\u201d Even though Portnoy has a point, it\u2019s funny that he hasn\u2019t even begun to do the homework yet. He just trusts the main institutions\u2019 research and due diligence and goes with it. Retail investors don\u2019t have that luxury, but Portnoy is a wealthy man and his investment is just a small part of his portfolio. In any case, he promises that he will build on it, and eventually, \u201cI\u2019ll probably have a Billion dollars worth of Bitcoin.\u201d What Gives Bitcoin Its Value? Near the end of the Bitcoin talk, Varney challenges him. He tells Portnoy that he\u2019s too old to wait for Bitcoin to take over, and then, Varney tells him what he really thinks: \u201cIt\u2019s a gambling chip. It\u2019s not a store of value.\u201d Portnoy, who hasn\u2019t done the homework, can\u2019t answer in a proper fashion. We can, though. According to Varney, Bitcoin\u2019s price \u201cdepends entirely on how many people want to buy it and how many people want to sell it.&#8221; That\u2019s true, like every market on Earth the price of bitcoin responds to supply and demand. However, the value of Bitcoin comes from the network.\u00a0 All over the world, thousands of people invested their money in ASICs that validate transactions. They buy energy, secure the network, and get compensated for it by a system that no one controls and has no owner. And, thousands of node operators keep everyone in check. Plus, millions of holders took their money out of the traditional system and bet on this emerging one. And this is just the beginning.\u00a0 Besides that, those \u201cgambling chips\u201d that Varney mentioned happen to have the characteristics of perfect money. Mankind has been looking for something like this since it realized that it needed some kind of technology to organize and facilitate trade, which is the bedrock of society. However, if someone owned the Bitcoin network, \u201cthe characteristics of perfect money\u201d wouldn\u2019t be worth a damn. But, no one does. Bitcoin is for everyone. BTC price chart for 02\/05\/2022 on Gemini | Source: BTC\/USD on TradingView.com What Has Portnoy Said About Bitcoin? Mark this as this article\u2019s comedy section. When Portnoy first liquidated all of his bitcoin investment, these were the numbers he was dealing with: \u201cPortnoy clarified a day later that he actually lost $20,000 from his initial $1,250,000 investment, which amounts to a mere 1.6%. Many in the cryptocurrency space referenced the number, noting how Portnoy wasn\u2019t ready for the fast and volatile Bitcoin market.\u201d After being mocked, he doubled down on his stance and tried to get people to focus on the stock market.\u00a0 \u201cI\u2019m begging my crypto friends to get involved in the stockmarket. Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!\u201d Related Reading | Seller\u2019s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin To make things funnier, when Portnoy bought Safemoon, he promised: \u201cI\u2019m never buying Bitcoin. Never never, I don\u2019t believe a thing about it. But I do think it\u2019s profitable, and I think there\u2019s enough steam that it may just continue to go up forever. But I don\u2019t buy the underlying junk behind it.\u201d Maybe that\u2019s because Portnoy hasn\u2019t even done the minimum effort to understand \u201cthe underlying junk behind it.\u201d However, cheers to him for admitting his assessment of the situation was wrong and correcting his course. Featured Image: screenshot from Portnoy in Varney &amp; Co. | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":482976,"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":[85363,428,82796,2100,85366,83643,85364,85368,85365,85367],"class_list":["post-482975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-barstool-sports","tag-bitcoin","tag-dave-portnoy","tag-fox","tag-fox-business-network","tag-safemoon","tag-stuart-varney","tag-the-bitcoin-network","tag-varney-co","tag-what-gives-bitcoin-its-value"],"acf":[],"yoast_head":"\n<title>Dave Portnoy Is Now A Bitcoiner, Thinks You\u2019re An Idiot If You Don\u2019t Hold Any<\/title>\n<meta name=\"description\" content=\"A few days ago, Dave Portnoy returned to Bitcoin with an almost $1.1M buy of 29.5 BTC. 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