Barstool Sports founder Dave Portnoy is already having second thoughts about pulling out of the crypto markets.
The entrepreneur-turned-day-trader says he invested over a million dollars into Bitcoin and Chainlink and cashed out after losing less than 2% of his portfolio.
“Just to clarify I put in $1.25 million and lost $20,000. My money was just better at work in the real stock market where I make six figures every day.”
Portnoy explains that his decision to immediately cut his losses should be an example to crypto traders.
“Yes. You crypto morons don’t get it. I’m trying to educate you. You make great memes and I respect the simple way you live your lives. But losing of any kind is unacceptable. Six-figure days or bust.”
But despite a bad first impression, Portnoy says he’s already thinking about jumping back in – if only for the memes.
Although he sold his crypto positions, Portnoy says the money is still sitting in the crypto exchange Gemini, and he plans to study the markets and crack the code.
“I have to retrench from Bitcoin and figure out what the fuck’s going on there before I sit there and lose a million and a half bucks, like I did in the stock market when I was down two million before I turned it around into plus two and a half. But that took work, effort, every ounce of concentration in my entire philosophy. So I’m going to sit back and watch.
I own the stock market. But it took me a while to get there. Bitcoin, I don’t know what’s going on. The LINK marines, I don’t know if they’re on my side or against me. They’re like, ‘Join the submarines!’ I joined them – the marines. I don’t know what that meant. Was I a sacrificial lamb? Maybe. Were they on my side? Maybe… So I said, let me back up. Let me study it.
I didn’t take my money out of Gemini. It’s still there but I am going to study.”