Dave Portnoy meets Pomp: ‘Bitcoin is just one big Ponzi scheme’

Popular day trader and founder of Barstool Sports Dave Portnoy revealed that he bought $1.25 million worth of Bitcoin even though he thinks its “just one big Ponzi scheme” in an interview with crypto podcaster Anthony Pompliano. Portnoy summed up his view of crypto trading as:

“You get in, and you just have to not be the one left holding the bag.”

The sport and pop culture celebrity, whose day trading exploits have become hugely popular during the coronavirus pandemic, only recently delved into the world of crypto. He entered the Bitcoin (BTC) market in mid-August, following a meeting with the billionaire Winklevoss twins.

Portnoy said that he knew within 15 minutes of seeing responses to his Twitter posts about Bitcoin, that he had to get into crypto because “these are kind of like my people.”

At one point, Portnoy claimed, he held $1.25 million in BTC. However just eight days into his crypto experience, his Chainlink investment took a sharp hit, at which time Portnoy announced: “I’m out on crypto because coins don’t always go up.”

Following his exit, Portnoy appeared to be having withdrawals, claiming his “heart is crypto” and he’ll be back.

However, Portnoy appears to have been shaken by the experience. The price volatility on his crypto portfolio of over $1 million was too erratic and he thought it was too much money to gamble with when he didn’t know what was going on. “There is no rationale why it is going up, I have no idea why it is going up or down,” he explained,

Even though he’s pulled out, he still intends to get back into Bitcoin eventually. “I’ll get back into Bitcoin. I don’t know when,” he said. “I don’t have much liquid really — it’s all invested.”

Pompliano suggested to Portnoy that when he does, rather than trade, he should hold Bitcoin until the end of next year:

“You can’t look at it, because you’ve got weak hands. You’ll sell it.”