Securities trader Dave Portnoy dives into Bitcoin, only to panic after Chainlink dives – Bitcoin Planet markets and prices


Leading securities trader Dave Portnoy panicked sold his bitcoin a week after entering cryptocurrency. He cited the drop in the price of the chain link, another of his crypto investments, as the main reason.

Dave Portnoy entered and exited Crypto in a week

U.S. trader and founder of Barstool Sports blog Dave Portnoy became a headline in the crypto space when he started investing in bitcoin on August 13. He spoke with the founders of Gemini Exchange, the Winklevoss twins, who accompanied him in the purchase of his first bitcoin. Portnoy invested $ 200,000 in BTC, $ 50,000 in chain links (LINK) and then bought orchids (OXT).

As the prices of his cryptocurrencies soared, Portnoy was quite happy. However, he was obsessed with pumping and dumping cryptocurrencies. “What I love about crypto pumps and dumps is that it’s encouraged,” he said in a recording. Noting that in the stock market, the Securities and Exchange Commission (SEC) will take action against anyone engaging in pump-and-dump operations, he said, “In crypto you can pump and dump all of it. daytime.”

This is not the case, of course, as lawyer Jake Chervinsky explained. “I don’t know who needs to hear this, but pumps and discharges are illegal in crypto like in all other markets,” the lawyer pointed out, adding:

If you admit doing them [pump-and-dumps] intentionally on a recorded live stream, you can expect to see the video played for you as Exhibit A by CFTC and The Justice Dept.

A few days later, Portnoy recorded a video of himself in bed, claiming he was very ill and possibly a victim of covid-19. When he recovered on Friday, he exited LINK as the price of the cryptocurrency continued to fall.

Responding to a chain link investor accusing him on Twitter of being “just a suit with weak hands like any other,” Portnoy wrote: “I make 6 digits a day like clockwork in the real stock market. to sit and lose money while waiting for Elon [Musk] to extract gold from space. I will have built my own house on the moon before that day. If I want to lose 7 figs on women’s tales, I will stay on the trail.

Portnoy further tweeted, “I currently don’t own any bitcoin. I’ll wait and watch. I lost 25k… LINK Marines are weak and orchid flowers are dying in the crypto world. I may or may not be done. He added:

I’m on crypto because coins don’t always go up. In contrast, inventories continue to increase.

The founder of Barstool Sports clarified in a video that he left bitcoin and all cryptocurrencies because of the chain link. He refused to admit he bought at the top, insisting that in the stock market there is no top because there are always new highs when he buys, giving the example of the Amazon stock. He said that as his BTC holdings went up, LINK kept falling. The cryptocurrency fell about 24% from its high on Wednesday, but has since rebounded. As of this writing, the price of the chain link stands at $ 16.01, up about 10% over the past 24 hours.

The Golden Bug Peter Schiff is happy that a well-known person has exited bitcoin. “While @stoolpresidente [Portnoy] was the last big name to enter bitcoin, it was the first to exit. I predict the next big name to be released on bail will be Paul Tudor Jones, ”Schiff wrote. However, unlike Portnoy, he added: “Stocks always go up until they don’t, and only because of the Fed.”

What do you think of Dave Portnoy’s crypto encounter? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.


Comments are closed.