Dave Portnoy Wants BTC Holders to Ditch Crypto for Stocks
On September 2nd, Portnoy begged his “crypto friends” to get involved with the stock market. The S&P 500 pushed higher 1.5% in the past 24 hours, with monetary stimulus and retail buyers continuing to press the value of the leading index to the upside.
Portnoy cited Bitcoin’s ongoing correction, which brought it to a local low around $11,200 just 18 hours ago as of this article’s publishing:
The Barstool Sports founder has stated on many occasions that he doesn’t think Bitcoin and crypto are currently in a good spot because if their inability to give him consistent gains every day. He previously said that “no losses” are allowed with his portfolio, hence why he cashed out of cryptocurrency after taking a 1.5% loss.
Bitcoin Remains in an Uptrend
Portnoy may be right in the near term — stocks outperformed BTC on Wednesday — but many think Bitcoin has room to extend higher.
Dan Tapiero — the co-founder of DTAP Capital, Gold Bullion International, and other companies — recently noted that BTC is on the verge of extending parabolically to the upside in this market cycle:
Others have echoed this positive sentiment, including Mike McGlone of Bloomberg, BitMEX’s Arthur Hayes, and others in and outside of the cryptocurrency space.
Most agree that macro factors, like money printing, is poised to wrest BTC higher.
Photo by Charl Folscher on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's Why Dave Portnoy Wants Bitcoin Investors to Drop BTC for Stocks
Originally from Bitcoinist.com https://ift.tt/32SvyOH
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.