Dave Portnoy is now a Bitcoiner, think you’re an idiot if you don’t have one

A few days ago, Dave Portnoy returned to Bitcoin with a nearly $1.1 million purchase of 29.5 BTC. These days he thinks, “you’re an idiot if it’s not part of your wallet.” The owner and protagonist of Barstool Sports may have a point, but the whole situation is still funny. Especially considering everything Portnoy has said about Bitcoin over the years.

Related literature | 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 on the FOX Business Network. This is what happened:

What Did Dave Portnoy Tell Stuart Varney About Bitcoin?

In 2020, the Winklevoss twins helped Portnoy make his first Bitcoin investment. There was a little dip and Portnoy panicked and sold it all. The community mocked him and he made questionable investments, but that is neither here nor there. In the “Varney & Co.” interview reveals Portnoy: “I waited for my return point.” Impressively, it bought in for $36.9K.

Then Stuart Varney reminds Dave Portnoy that he said he got out of Bitcoin because he didn’t understand, and asks him if he does now. Portnoy replies, “No, no, I don’t get them. But here’s what I came up with, Bitcoin is here to stay. It’s not going anywhere. It is generally accepted. You see big institutions coming in. It is the future.”

Even though Portnoy has a point, it’s funny he hasn’t even started the homework yet. He simply relies on and goes along with the research and due diligence of the major institutions. Private investors don’t have that luxury, but Portnoy is a wealthy man and his investment is only a small part of his portfolio. In any case, he promises that he will build on it, and in the end, “I will probably have a billion dollars worth of Bitcoin.”

What gives Bitcoin its value?

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

According to Varney, the price of Bitcoin “depends entirely on how many people want to buy it and how many people want to sell it.” That’s right, like every market on Earth, the price of bitcoin reacts to supply and demand. However, the value of Bitcoin comes from the network.

Around the world, thousands of people have invested their money in ASICs that validate transactions. They buy energy, secure the network and are compensated for this by a system that nobody 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 system. And this is just the beginning.

In addition, those “gambling chips” that Varney called have the characteristics of perfect money. Humanity has been looking for such a thing 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 worth nothing. But nobody does. Bitcoin is for everyone.

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

What has Portnoy said about Bitcoin?

Mark this as the comedy section of this article. When Portnoy first liquidated all of its bitcoin investments, these were: the numbers he was dealing with:

Portnoy clarified a day later that he actually lost $20,000 of his initial investment of $1,250,000, which is just 1.6%. Many in the cryptocurrency space referenced the number, noting how Portnoy was not ready for the fast and volatile Bitcoin market.

After being mocked, he doubled down on his position and tried… getting people to focus on the stock market.

“I beg my crypto friends to join the stock market. Bitcoin is stuck in the mud. Let me guide you. We will come back to crypto later. Now is the time to strike! No time for weak hands! Get moving!”

Related literature | Seller’s Remorse: Day Trader Dave Portnoy Rejects Bitcoin

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

“I never buy Bitcoin. Never never, I don’t believe it. But I think it’s profitable, and I think there’s enough steam that it can keep rising forever. But I don’t buy the underlying junk.”

Maybe that’s because Portnoy hasn’t even made the slightest effort to understand “the underlying clutter behind it”. Anyway, hurray for him for admitting that his assessment of the situation was wrong and correcting his course.

Featured Image: screenshot from Portnoy in Varney & Co. | Charts by Trading Display

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