It looks like Dave Portnoy, the founder of sports and pop culture blog Barstool Sports, who purportedly sold all of his crypto holdings on August 21, is continuing to work hard to become the most famous troll in the crypto community.
Portnoy’s popularity has soared, especially among users of the Robinhood trading platform, over the past few months due to his success with day trading of U.S. stocks and his daily vlogs (which usually talk about the stocks he has traded and how much profit he has made) that are released on Twitter.
In his daily videos about stock trading, Portnoy, often mocks much more experienced investors and traders, saying that their previous experience is not worth that much since those people have never traded in a post-COVID world.
For example, Portnoy made the following comment about legendary billionaire investor Warren Buffett:
“I’m sure Warren Buffett is a great guy but when it comes to stocks he’s washed up… I’m the captain now.”
It is worth pointing out that although Portnoy may feel like an “expert” in the stock market, his profits from day trading U.S. stocks have come since March 23 (when the S&P 500 index fell to 2,237.40, its lowest point since December 2016), a period during which the U.S. stock market has enjoyed one of the biggest rallies in history thanks partly to solid performance of tech stocks and partly to quantitative easing (QE) by the Federal Reserve (the central bank of the U.S.).
Portnoy’s journey with cryptocurrencies began on August 13, when he bought $200,000 of Bitcoin (BTC) and $50,000 Chainlink (LINK) with the help of the Winklevoss twins—the co-founders of crypto exchange Gemini—who had accepted Portnoy’s invitation and come to his house to explain Bitcoin to him and show him how to buy crypto.
Portnoy bought Bitcoin and Chainlink at a time when they are roughly trading around $11,500 and $18 respectively.
His first main attempt at trolling the crypto community came on August 21, when he said that he had become disillusioned with the crypto market and that he had cashed out after losing around $25,000:
Later that day, Portnoy released a video that shows him complaining about the crypto community mocking him for getting out of the crypto market after just nine days, blaming the Chainlink and Orchid Protocol traders for his losses, and expressing frustration about the fact that cryptocurrencies—unlike stocks—do not always go up:
He continue his trolling on August 22 by calling the people in the crypto community who were attacking him for getting out of the market after losing only $25,000 (which is not a huge amount for someone who is a millionaire) “crypto morons”:
Well, now, it seems that Portnoy has decided to take his trolling to a whole new level because this is what he tweeted on Tuesday (August 25):
Portnoy made himself a more hated figure among Bitcoiners by sending the following tweet around 30 minutes later:
Another famous troll—who has this year becoming much more vocal due to the surge in the price of gold—is gold bug Peter Schiff who tweeted this reply to Portnoy to make sure that he stays in the conversation and not to let Portnoy have all the fun:
“#Bitcoin is beyond saving. 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.”
A far more sensible reply came from Gabor Gurbacs, digital asset strategist/director at VanEck/MVIS, who tweeted:
“Bitcoin doesn’t need saving; Bitcoin does the saving.”
Another interesting reply was by the U.S. arm of trading platform eToro:
“The sexual tension between Dave and bitcoin has never been more real”
However, perhaps the best reply to Portnoy’s latest trolling came from crypto pioneer Nick Szabo:
“Nobody who is anybody is asking you for anything, nicely or otherwise, you preposterous buffoon”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.