Dave Portnoy Is Now A Bitcoiner, Thinks You’re An Idiot If You Don’t Hold Any

As you mayfewknow, A days ago, Dave to returned Portnoy Bitcoin with an almost $1.1M obtain of 29.5 BTC. Todaybuthe thinks “you are an idiot if it’s not part of your portfolio.” The Barstool Sports owner and main personality might have a point, , the whole situation is still funny. Especially, everything Portnoy has saidconsideringabout Bitcoin over the years.

Related Reading | Barstool’s Dave Portnoy Wants to Buy Bitcoin – Asks Winklevoss Twins to Teach Him

The born-again Bitcoiner visited Stuart Varney in his “Varney & Co.” show at the FOX Business Network. Indeed, This is what happened:

as a matter of fact Always fun joining @Varneyco to talk Bitcoin more than ever , $Penn and Brady pic.twitter.com/NNUV3ALlpW

— Dave Portnoy (@ from another perspective stoolpresidente) February 4, 2022

Actually, What Did Dave Portnoy Tell Stuart Varney About Bitcoin?

In 2020, more than ever the Winklevoss twins helped Portnoy to make his first Bitcoin investment. Interestingly, There was a small dip, and Portnoy panicked and as it turns out sold it all. The community mocked him, and he went on to make questionable investments, but that’s neither here nor there. In the “Varney & Co.” interview, Portnoy reveals “I was waiting for my reentry point.” Impressively, he bought in at $36.9K.

Then, Stuart Varney reminds Dave Portnoy that he said he was getting out of Bitcoin because he didn’t understand it, and asks him if he does right away. Portnoy responds, “ , no I haven’tNofigured them out. But here’s what I have figured out, Bitcoin is here to stay. It’s not going anywhere. It’s from another perspective widely adopted. In fact, You see main institutions getting in. It’s theprospect.”

Even though Portnoy has a point, it’s funny that he hasn’t even begun to do the homework yet. He as a matter of fact just trusts the maininstitutions ’ research and due diligence and goes with it. In any case, he promises that he will it on construct, and eventually, “I’ll probably have a Billion dollars worth of Bitcoin.” Retail investors don’t have that luxury, but Portnoy is a wealthy man and his investment is just a small part of his portfolio.

What ? Bitcoin Its from another perspective ValueGives

Near the end of the Bitcoin talk, Varney challenges him. He tells Portnoy that he’s too outdated to wait for Bitcoin to take over, and then, Varney tells him what he really thinks: “It’s a gambling chip. It’s not a store of value.” Portnoy, who hasn’t done the homework, can’t answer in a proper fashion. We can.though,

According to Varney, Bitcoin’s price “depends entirely on how many people want to obtain it and how many people want to offer it.” That’s true, like every field on Earth the price of bitcoin responds to supply and demand. However, the value of Bitcoin comes from the network.

All over the world, thousands of people invested their currency in ASICs that validate transactions. Indeed, They buy energy, encrypted the network, and get compensated for it by a system that no one controls and has no owner. Andnodethousands of , operators keep everyone in check. Astheiryou may know, Plus more than ever , millions of holders took cash out of the traditional system and bet on this emerging one. And this is just the beginning.

In fact, Besides that, those “gambling mentioned” that Varney chips happen to have the characteristics of perfect currency. Mankind has been looking for something like this since it realized that it needed some kind of technology to organize and facilitate trade, which is the bedrock of society. However, if someone owned the Bitcoin network, “ in modern times characteristics of perfect currency” wouldn’t be worth athedamn. Interestingly, But, no one does. Bitcoin is for everyone.

BTC price chart for 02/05/2022 on Gemini | Source: BTC/USD on TradingView.com

What Has Portnoy more than ever AboutSaidBitcoin?

Mark this as this ’s comedyarticlesection. Actually, When Portnoy first liquidated all of his bitcoin investment, these were the numbers hewithwas dealing :

“Portnoywhichclarified a day later that he actually lost $20,000 from his initial $1,250,000 investment, amounts to a mere 1.6%. Many in the cryptocurrency space referenced the number, noting how Portnoy wasn’t ready for the swift and volatile Bitcoin industry.”

After being mocked, he down on his stancedoubledand tried to get people to focus on the stock industry. 

“I’m begging my crypto friends to get involved in the stockmarket. Bitcoin is stuck in the mud. Let me lead .you We will get back to crypto later. The timeisto from another perspective strike instantly! No time for hands weak! It’s worth noting that Make the move!”

Related Reading | Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin

To make things funnier, when Portnoy bought Safemoon, he promised:

“I’m never buying Bitcoin. Never never, I don’believe t a thing about it. But I do think it’s profitable, and I think there’s enough steam that it may just continue to go up forever. It’s worththenoting that But from another perspective I don’t purchase underlying junk behind it.”

Maybe that’s because Portnoy hasn’t even done the minimum effort to understand “the underlying junk behind it.” However, cheers to him for admitting his assessment of the situation was wrong and correcting his course.

Featured Image: screenshot from Portnoy in Varney &  as a matter of fact Co.  | Charts by TradingView