The crypto journey of Barstool Sports founder Dave Portnoy didn’t last long.
“I currently own zero bitcoins. I will wait and watch.”
Portnoy may be done with crypto
Portnoy met the Winklevii on Aug. 13 to get their basic explanation of Bitcoin and finally dive into crypto. He ended up listening about how Bitcoin is superior to gold because of Elon Musk’s asteroid mining ambitious
After depositing $250,000 to the Gemini exchange, he ended up investing $200,000 into BTC and $50,000 into Chainlink (LINK). The twins also promised Portnoy to assist him in launching “Dave Coin.”
He then started to annoy Bitcoin maximalists by getting into altcoin called Orchid (OXT) and shamelessly shilling it to his 1.7 mln Twitter followers.
Neither of Portnoy's altcoin investments has fared well — he lost $25,000 in just one week. Now, the captain of amateur daytraders is claiming that he might be done with crypto for good:
“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.”
The Portnoy effect
This turnaround inevitably became a hot topic on crypto Twitter, with many mocking Portnoy’s “weak hands.”
Bitwise Asset Management CEO Hunter Horsley commented that “some people can’t handle the volatility.”
The cryptocurrency market paid heed to Portnoy’s departure as well. LINK extended its today’s downfall by 5.05 percent, plunging all the way to $12.89 on the Binance exchange.
Even Bitcoin, after recovering to $11,772, resumed its decline, dipping 1.09 percent since the tweet.