What Pushed Dave Portnoy to Sell His Bitcoin? A 1.6% Loss, Apparently
On Friday, Dave Portnoy, the founder of Barstool Sports and a celebrity Bitcoin and stock day trader, revealed that he was exiting the crypto market. He wrote in a tweet that went viral in the crypto space:
He added in a separate message that he is getting “killed” with Bitcoin, adding that he was up $150,000 at one point but is now down.
Portnoy 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’t ready for the fast and volatile Bitcoin market.
According to the investor, though, losses of any kind of magnitude are unacceptable as stocks “only go up.”
Will Portnoy Be Missing Out on Anything?
Portnoy exiting his positions in Bitcoin and other cryptocurrencies raises the question if he will be missing out on anything, any potential upside.
According to a number of analysts, he will be missing out on exponential upside in the BTC price.
Dan Tapiero — the co-founder of DTAP Capital and Gold Bullion International — recently noted that Bitcoin could gain 400 to 900 percent this bull cycle:
Chart of BTC's macro price action (Logarithimic chart) by Bitcoin bull and gold investor Dan Tapiero. Chart from Bloomberg
Raoul Pal echoed this. The Wall Street veteran commented that BTC is likely to be the best-performing asset over the next two years.
Featured image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Dave Portnoy Lost 1.6% of His Crypto Investment, Then Liquidated His Bitcoin
Originally from Bitcoinist.com https://ift.tt/3aOpD0F
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