Dave Portnoy is afraid of investing in Bitcoin after losing $700M

Dave Portnoy, the person behind the GME frenzy, is skeptical about Bitcoin
  • Dave Portnoy achieving a new all-time high with his negative sentiment towards Bitcoin
  • Portney seems to denounce the leading crypto token as a whole
  • Portnoy claims that Bitcoin has enough steam left to surge more higher forever
  • In recent months several corporations have entered the Bitcoin market, which is one of the primary reason behind the soaring prices

Dave Portnoy, the president of Barstool Sports, claims that Bitcoin is the only asset that doesn’t go down. However, Portnoy has no plans to buy the token ever again. According to Barstool Sports’ founder, the junk underlying the flagship cryptocurrency is nothing that can be liked. Additionally, he compared the token price with last year’s price before the price rally began. However, though he used to invest in Bitcoin, he doesn’t believe a thing regarding the token.

Dave Portnoy is observed denouncing Bitcoin

With enthusiasm to invest in cryptocurrency, Dave Portnoy had invested around $1 million in the token designed by Satoshi Nakamoto. However, two weeks after investing in the token, he exited his holdings with a loss of $25k. Later on, after he sold his holdings, the price of the token was observed gaining the bullish momentum back above the value that Portnoy originally invested at. Observing the situation, Portnoy began spreading negative influence and commented that the Bitcoiners say that they are going to be prosperous together and dance over the grave. 

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Today it seems like his negative sentiments of Dave Portnoy reached a new all-time high. In the recent video, he compared the leading crypto token price when it was near the level of $11k with the token’s current value. The Barstool Sport’s founder highlights that he knows all the bubbly gains behind the token.

Bitcoin still having steam to surge forever

According to Dave Portnoy, Bitcoin has enough steam to surge higher and not fall down. However, he still doesn’t have the will to invest in the crypto asset. In the video, he mentioned that he knows how it makes money and the bubble behind it. Following Portnoy’s statement, several Bitcoiners in the space are claiming that Portnoy doesn’t have any idea regarding how such currencies works and how it will benefit.

More corporations entering the Bitcoin markets

In recent months several financial institutions and larger insurance companies have stepped into the market. Earlier this month, it was revealed that Tesla, one of the biggest firms in the United States, has also invested billions of dollars in the speculative asset. Indeed, there are many more pseudonymous events happening to help the price to surge higher. Recently the oldest bank in America announced that it will now custody cryptocurrencies. And also, it was observed that cryptocurrency payments are also getting mainstream acceptance.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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