Are Portnoy and McCullough Kicking Themselves for Dumping Their Bitcoin? Here's How Much They Lost

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Fri, 11/13/2020 - 11:25
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Yuri Molchan
Portnoy and McCullough have recently got rid of their Bitcoin, which happened before BTC surged high; here's how much profit they have lost but aren't saying it
Are Portnoy and McCullough Kicking Themselves for Dumping Their Bitcoin? Here's How Much They Lost
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Big names in the world of finance and media, David Portnoy and Keith McCullough, dumped their Bitcoin in August (Portnoy) and October (McCullough).

Here's what their profits would have been by now, after Bitcoin surpassed the $16,000 level on Nov. 12 and is still trading above it.

David Portnoy "will wait and watch"

Trader and Barstool Sports president, Dave Portnoy, got into crypto after meeting with the Winklevoss twins in August.

Tyler and Cameron explained to Portnoy how Bitcoin works and what makes it the flagship currency, also mentioning Elon Musk's ambitious plans to mine gold on an asteroid.

After this, Portnoy sent a $250,000 deposit to the Winklevoss-owned Gemini exchange. He got $200,000 worth of Bitcoin and the rest of the cash got him LINK tokens.

However, right after that both coins showed a decline, on which Portnoy lost $25,000. He then tweeted that he dumped his crypto holdings and "will wait and watch."

On Aug. 8, when he dumped his BTC, Bitcoin was changing hands at $11,635.

Since then Bitcoin has added 43 percent and would now be worth around $286,000.

Keith McCullough's exodus from Bitcoin

The founder and CEO of Hedgeye Risk Management, Keith McCullough, in earlier tweets wrote that he believed BTC to be a regular asset and held it for a while.

However, all of a sudden, in early October he tweeted that he had gotten rid of all of his Bitcoin without naming any particular reason for doing so.

By that time, BTC lost 7.1 percent and McCullough tweeted that, in his view, the economy was sliding into quad 4which assumes that a halt in both economic growth and inflation is on the horizon.

When McCullough got out of BTC, it was sitting at $10,881. Since then, BTC is up almost 54 percent; that is plus $5,714.

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McCullough owns Bitcoin again, is long on BTC

In today's tweet, the Hedgeye CEO published a Bitcoin chart saying that Bitcoin is rising to where the Hedgeye Risk Range predicted it would be heading.

The company is still long on BTC as Keith McCullough acquired Bitcoin again back in October this year.

Bitcoin ramping right to where the @Hedgeye Risk Range had it going, loves Down Dollar #Quads 2 & 3 and we remain long of it.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.