High-flying social influencer and one-time crypto trader David Portnoy said he would “save” the crypto market in a tweet this week – but only if asked “nicely.”
Saving Bitcoin
The founder of sports blog Barstool Sports, Portnoy entered the crypto market in high spirits earlier this month aiming to turn a hit profit in the space – as he supposedly has in the equities market.
But his exit was as immediate as his entry. Portnoy lost thousands of dollars after LINK – one of his coin entries – dropped in value from $19 to its current $16. That spurred him to leave the space and state he was better off in the equities market, one where he makes “six figures on a daily basis.”
However, don’t write him off just yet. Portnoy said he wants to come back to the crypto market. Only this time, he’s coming to “save it.”
With 1.7 million followers, the day-trading bug nets Portnoy millions of dollars as his online follower pile into mid-cap and large-cap equities to boost prices and make stellar gains.
“It looks like I didn’t buy and sell the top in Bitcoin after all since it’s all significantly lower than when I got involved,” said Portnoy. “Should I take a few minutes away from stacking stacks on Wall Street to save the flailing crypto market?”
While it isn’t wholly clear what he meant, it might be related to falling Bitcoin prices in the past few days – the asset has fallen over 4% from $11,900 to just under $11,300. He also called for saving the Link “marines,” or what the online followers of Chainlink are colloquially called.
Meanwhile, Gemini founder Tyler Winklevoss said Portnoy’s return was imminent:
“Those who think stoolpresidente is out of Bitcoin and crypto so easily, don’t understand the man. Remember, #DDTG does not play checkers, he plays 3D chess.”
Bitcoin Doesn’t Need Saving
Portnoy became involved in the crypto space earlier this month after hosting Gemini exchange founders Tyler and Cameron Winklevoss for a discussion on Bitcoin and other tokens. After their meeting, the outspoken Barstool founder said he made over $100,000 in profits in the Bitcoin market.
Meanwhile, observers and figures in the cryptocurrency market on Twitter said they didn’t really need Portnoy to come and “save” Bitcoin. Some of those included Crypto Rand, who said, “It doesn’t need you. It doesn’t need anyone.”
Peter Schiff, a Bitcoin critic and supporter of gold, said Portnoy should stay out of it…but for reasons different than Crypto Rand’s:
“If you encourage enough people to buy now, more people who got in early will be able to get out. But you won’t prevent the collapse, just delay it a bit. But why jump on a sinking ship, or encourage others to do so? You did right by cutting your losses.”
For those in the crypto space – it was just another day in the frenzied market.
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