Some days ago, Dave Portnoy returned to Bitcoin with a nearly $1.1 million purchase of 29.5 BTC. Today, he thinks “you are an idiot if it is not part of your portfolio”. The owner and main personality of Barstool Sports might be right, but the whole situation is still hilarious. Especially considering everything Portnoy has said about Bitcoin over the years.
Related Reading | Barstool’s Dave Portnoy Wants To Buy Bitcoin: He Asks The Winklevoss Twins To Teach Him
The born again Bitcoiner visited Stuart Varney at his “Varney & Co.” show on FOX Business Network. This is what happened:
always fun to join @varneyco to talk about Bitcoin, $penn and Brady pic.twitter.com/NNUV3ALlpW
— Dave Portnoy (@stoolpresidente) February 4, 2022
What did Dave Portnoy tell Stuart Varney about Bitcoin?
In 2020, the Winklevoss twins helped Portnoy make his first Bitcoin investment. There was a small crash and Portnoy panicked and sold everything. He was mocked by the community and went on to make questionable investments, but that’s neither here nor there. In “Varney & Co.” interview, Portnoy reveals that he “was waiting for my re-entry point”. Amazingly, he bought it at $36.9K.
Stuart Varney then reminds Dave Portnoy that he said he was going to get out of Bitcoin because he didn’t understand it, and asks if he understands it now. Portnoy replies, “No, no, I haven’t figured them out. But this is what I have discovered, Bitcoin is here to stay. Does not go anywhere. It is widely adopted. You see enter the main institutions. It’s the future”.
Although Portnoy is right, it’s funny that he hasn’t even started doing his homework yet. He simply trusts the research and due diligence of the leading institutions and goes with the flow. Retail investors don’t have that luxury, but Portnoy is a rich man and his investment is only a small part of his portfolio. In any case, he promises that he will build on it and eventually “I’ll probably be worth a billion dollars worth of Bitcoin.”
What gives Bitcoin its value?
Near the end of the Bitcoin talk, Varney challenges him. He tells Portnoy that he’s too old to wait for Bitcoin to take over, and then Varney tells him what he really thinks: “It’s a gambling token. It is not a store of value.” Portnoy, who hasn’t done his homework, can’t respond adequately. However, we can.
According to Varney, the price of Bitcoin “completely depends on how many people want to buy it and how many people want to sell it.” That is true, like all markets on Earth, the price of bitcoin responds to supply and demand. However, the value of Bitcoin comes from the network.
Around the world, thousands of people invested their money in ASICs that validate transactions. They buy power, secure the grid, and are compensated by a system that no one controls and has no owner. And thousands of node operators keep everyone in check. In addition, millions of holders took their money out of the traditional system and bet on this emerging one. And this is only the beginning.
On top of that, those “gaming chips” Varney mentioned have the makings of perfect money. Humanity has been searching for something like this ever since it realized that it needed some kind of technology to organize and facilitate trade, which is the foundation of society. However, if someone owned the Bitcoin network, “the characteristics of perfect money” would be worthless. But, nobody does. Bitcoin is for everyone.
BTC price chart for 02/05/2022 in Gemini | Source: BTC/USD on TradingView.com
What has Portnoy said about Bitcoin?
Please mark this as the comedy section of this article. When Portnoy first liquidated his entire investment in bitcoins, they were the numbers i was dealing with:
“Portnoy clarified a day later that he actually lost $20,000 of his initial investment of $1,250,000, which is a mere 1.6%. Many in the cryptocurrency space referenced the number and noted that Portnoy was not ready for Bitcoin’s fast and volatile market.”
After being teased, he doubled his posture and tried to getting people to focus on the stock market.
“I am begging my crypto friends to get involved in the stock market. Bitcoin is stuck in the mud. Let me guide you. We will come back to crypto later. The time to attack is now! No time for weak hands! Make the move!”
Related Reading | Seller’s Remorse: Day Trader Dave Portnoy Quits Bitcoin
To make things more fun, when Portnoy bought Safemoon, promised:
“I will never buy Bitcoin. Never never, I don’t believe anything about it. But I do think it’s profitable, and I think there’s enough steam to keep it going forever. But I don’t buy the underlying crap behind it.”
Perhaps that’s because Portnoy hasn’t even made the slightest effort to understand “the underlying crap behind it.” However, applause for him for admitting that his assessment of the situation was incorrect and correcting his course.
Featured Image: Screenshot of Portnoy in Varney and company | Charts by TradingView
This post Dave Portnoy is now a Bitcoiner, thinks you’re an idiot if you don’t have anything
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