It’s the cowardly love between Dave Portnoy and cryptos; he dared to insult their dean by calling her a scam, while now regretting having deserted the crypto markets. Portnoy had a bitter experience of the volatility of cryptocurrencies; the trader is considering a return to the game, after having learned from his setbacks.
Crypto my love, I miss you!
Dave portnoy indicated in a recent interview with Anthony Pompliano, that he missed cryptocurrencies.
The interest of Portnoy for the cryptosphere is recent; it dates from August 2020.
The founder of Barstool Sports debuted in the crypto markets after meeting the twins Winklevoss whom he had contacted on Twitter.
Portnoy revealed the acquisition of Bitcoins (BTC) valued at $ 1.25 million.
A few days later, he discovered the extreme volatility of cryptocurrency prices, when his investment in Chainlink (LINK) recorded a significant decrease.
The trader then announced its withdrawal from the cryptosphere by indicating that “the price of tokens did not always follow an upward trajectory”.
The experience was brutal; he thinks a million dollar investment is too risky while his understanding of the mechanisms that govern the functioning of the crypto markets, is almost zero.
BTC trading is not for the nervous
Dave portnoy had compared Bitcoin to a pyramid of Ponzi but, today he seems to have regrets about leaving the cryptosphere.
He told Pompliano that one day he was planning to make a comeback in Bitcoin. However, it will not be immediately, since he does not have sufficient liquidity.
Pompliano suggested to him for his return, HODLer his Bitcoins as long as possible, instead of trading them.
Pompliano recommends avoiding scrutinizing daily market movements, which is good advice for Bitcoiners whose nerves are not strong enough.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Are you addicted to cryptocurrencies? Does Portnoy have to take detox sessions to forget about cryptos? Even seasoned players in traditional finance have to get used to the rules of the new finance: there is more adrenaline, more risk of loss, but also more attractive prospects for gains. When you’ve tasted Bitcoin once, it’s very hard to go without. States would no longer fail to decree BTC as a narcotic product to ban it and thus spell the end of the cryptosphere.
Litecoin, welcome in the Silver Age