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Dave Portnoy to return to crypto trading weeks after losing $25 million

Photo of: Janeth Diamond
by Janeth Diamond

Dave Portnoy, the much popular day trader, is now ready to get back into cryptocurrency trading just weeks after making losses in Bitcoin. Barstool Sports founder incurred a loss of $25,000 but a  few weeks later stated that he will be marking his return soon to the crypto market. 

In the latest episode of the Davey Day Trader Global live stream on September 9, for “My Heart is Crypto”, he talked about hope over these years he has been fortunate enough to talk to several people. His stint as an internet personality has helped him to unravel great things about crypto which is why according to him, crypto people are the most enjoyable group of people he has ever met. He believes that these people share the same kind of personality as him. He also confirmed that he will be back soon.

Dave Portnoy’s popularity is not hidden from anyone. But for those who are unaware Dave Portnoy had gained immense popularity in the crypto community after his big-ticket investment was made known. He also got a crypto crash course from the popular Winklevoss twins on August 13th where they took him through Bitcoin and crypto in general in a manner as simple as possible. After receiving tutorials, he ended up investing a good amount of money on Bitcoin (BTC) and Chainlink (LINK). But much to his disappointment, the markets went up for a major correction which eventuated the loss in coin value and ultimately his holdings. 

On August 21’ st he pointed out that he was done once in for all with cryptocurrency trading after suffering from such massive losses to the tune of $25,000. In his recent live stream segment, he is seen recapitulating his love for LINK marines whereas he was shown dismissing the legion of Orchid fans. 

Now that Portnoy has expressed interest in re-entering the crypto market after the crypto assets showed strong rallies on yesterday, with Bitcoin bouncing back to more than $10,300. Bitcoin prices have been unpredictable off late. It was recently dropped from a notable high of $12500 to the dumps back at $10 k level. Currently, also the price is hovering around 10 k levels. Portnoy has always maintained that he doesn’t have much insight when it comes to crypto trading or bitcoin trading expertise. Yet he still loves the asset class. He was quoted as saying :

“I love crypto. When I think crypto, the juices get flowing, I can feel it in my plums… I realized I don’t know what the fuck I’m doing.”

The manner in which Bitcoin has been behaving has scaled out a lot of unpredictable patterns making it difficult for people to really understand and judge the ongoing rally. In the case of Portnoy, with time, he will surely figure out how it trends and when he garners the confidence he could confidently make investment decisions. But if he remains grounded in the long run, is something that is to be seen.