Barstool Sports founder Dave Portnoy has amassed a massive social media following in recent months while trading the stock market, and he is now jumping headfirst into Bitcoin and the crypto markets.
Portnoy’s “Davey Daytrader Global” brand has taken off in recent months, with an army of retail traders closely following his every move as he trades the stock market within daily live streams.
His growing influence over the market has led him to take a more aggressive approach to his trading strategy.
This is marked by his recent pivot into the crypto markets, with Portnoy live streaming a meeting between him and the Winklevoss Twins.
Since making his first Bitcoin purchase, he has been relentlessly “shilling his bags,” even conducting some “pump and dumps” in which he buys an altcoin, shills it to his followers, and then sells the pump.
Dave Portnoy Obtains a Crypto Sponsor as Ties to the Crypto Market Grow
As NewsBTC reported earlier this month, Portnoy recently extended an invitation to the Winklevoss Twins – prominent Bitcoin advocates – to come to his house and teach him about the benchmark cryptocurrency.
During the meeting, he spent a few hundred thousand dollars on the cryptocurrency, while also buying some Chainlink.
In the time since, he has been far more apt to shill crypto than he was previously, putting forth multiple memes and even shilling some smaller altcoins to his followers – like Orchid.
He does influence the market, as Orchid’s price instantly rallied after his endorsement, before seeing a sharp selloff due to traders taking profits.
During a recent Davey Daytrader Global live stream, he even had crypto lending platform BlockFi as the main sponsor.
Portnoy Plans to Become a “Bitcoin Millionaire” by Next Month
Within the BlockFi-sponsored live stream, Portnoy explained that he has so far made a significant amount of money trading Bitcoin and other cryptocurrencies.
Davey Day Trader presented by @TheRealBlockFi – August 17, 2020
Earn up to 6% APY on your #BTC with @TheRealBlockFi. Go to https://t.co/HzHNsrTLYG & open a new account to earn a bonus $25 in BTC. https://t.co/q6PderdsBP
— Dave Portnoy (@stoolpresidente) August 17, 2020
At the time of posting the video, he claimed that positions in BTC, Ethereum, and some other digital assets – like Orchid – had made him roughly $100,000. He is now shooting for having over $1 million within the market by September.
“I’m up like $98,000 in Bitcoin, not bad. At this rate, I’ll make like a million dollars a month in Bitcoin.”
It remains unclear as to whether or not his endorsement of Bitcoin will help usher in a new wave of retail traders who are using platforms like Robinhood.
Featured image from Unsplash.
