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).
His 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.
On August 18, when the Chainlink price had dropped to around $17.50, he remained confident that with the support of the LINK “marines” (i.e. LINK HODLers), Chainlink would soon go up again:
Then, on August 21, we found out that via the following two tweets that he has become disillusioned with the crypto market and that he has 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:
However, it seemed that Portnoy had not completely given up on the idea of trading cryptocurrencies again at some point in the future since he says in this video that he has kept his Gemini trading account open.
The next day, Portnoy said that he might put back half a million dollars into the crypto market because he enjoys the “memes”:
He also re-iterated that he had cashed out his crypto holdings (on August 21) because he hates losing and not because the $25000 he lost was a huge amount:
Portnoy also re-iterated that the stock market is a much easier and safer place to make money (since, according to him, stocks always go up):
However, now, it seems that Portnoy has changed his mind, and is trying to find the right entry point for buying Chainlink’s native token LINK once again because on Sunday (August 23) he sent out the following tweet:
Since Portnoy sold his Chainlink holdings on August 21 (at a time when LINK was trading roughly around $13.39), LINK has gone up 12.1% vs USD.
Finally, on Monday (August 24), Tyler Winklevoss, Co-Founder and CEO of crypto exchange Gemini, tweeted that Portnoy has not given up on crypto and is bound to be back:
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.