A new account has been created to continuously track how much Barstool Sports founder Dave Portnoy would be gaining if he didn’t sell his Bitcoin stash on 21 August after the price went plummeting down by $1000.
Bitcoin has since started to recover and is trading above the $11,600 support level, gearing to breach the $11,800 resistance. According to the account named “Portnoy’s BTC Would be Worth” Stool Presidente’s 17.4 BTC that he bought for 200,000 dollars on August 13 would be worth $1000 more at $205,546.
After liquidating his Bitcoin, LINK, and Orchid portfolio, Portnoy said he didn’t expect to buy at a top and lose money because losses of any kind are unacceptable. He clarified recently that he invested $1.25 million in total in the crypto market and lost $25k.
“My money was just better at work in the real stock market where I make 6 figs every day.”
Crypto Twitter Still Going after Portnoy
The account is part of the ongoing touting by crypto Twitter, who’ve ridiculed Portnoy for exiting the crypto market after his first encounter with the crypto market’s volatility.
Some comments are even suggesting that another account for potential LINK gains be created, updated, and revisited particularly after two years when Bitcoin’s price is projected to have gained exponentially.
The outspoken day time trader has gone back to stock trading, saying it is more familiar ground and he may or may not reconsider going back to trading cryptocurrencies in the future.
Portnoy’s multiple attempts to defend his decision have mostly fallen on deaf ears, with many people accusing him of being weak for getting scared away by price corrections. However, Portnoy said he prefers stocks more than crypto.
“I got nothing against Crypto guys. They are just so obsessed with crypto they don’t realize there is a far easier and safer and faster way to make money right now. The stock market is free money.”
The majority of crypto Twitter seems happy exchanging hostilities with Portnoy but others have expressed concern over the harmful effect that crypto maximalists can do to digital assets’ adoption by mainstream investors.
LINK surged briefly by 7% on August 22 but the coin has sunk further by 6%, currently trading at a low of $15. The price pullback now has Portnoy thinking to buy back in.
“How low should I let $link go before back in? Sinking like stone?”