Barstool Sports activities president Dave Portnoy had a whirlwind couple of weeks within the crypto house, amassing greater than $1 million in Bitcoin (in line with his claims), collaborating with Gemini’s Winklevoss twins, and pushing cash like Chainlink and Orchid.
However the outspoken investor has apparently pulled out of cryptocurrency after a tough week throughout the market, together with a virtually 30% tank for Chainlink after he got here out in assist as one of many notorious Hyperlink Marines.
“I currently own zero bitcoins,” Portnoy tweeted this afternoon. “I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done. #bitcoin”
It’s a pointy reversal from earlier this week. On Monday, he boasted on his every day “Davey Day Trader” stream that he was up greater than $100,000 on his seven-figure Bitcoin funding after every week, and that he owned not less than $300,000 of Chainlink—sufficient, he stated, to name himself a Hyperlink Marine.
“I am a Link Marine, I fuckin’ love it,” he stated on the stream. “I’m a huge Link Marine. I think I’m $300,000 of one and that thing just rips.”
However Portnoy’s brash techniques may need rubbed the crypto devoted the mistaken manner. On Monday, he repeatedly prodded viewers to buy Orchid Protocol’s OXT token, which has seen risky motion of late, and inspired them to pump and dump the token. Since Monday, OXT’s price is down by about one-third.
“It’s like a fucking little wimpy coin, and we’re gonna push OXT to the fuckin’ moon.. that’s a little cheap-ass Bitcoin,” he stated. “Go buy OXT. Get in on it, and then get out on it. Let’s fuckin’ pump and dump it.”
We’ve seen comparable outcomes with LINK. As Decrypt detailed earlier immediately, the coin’s price is down practically 30% this week after hovering practically 1000% from the beginning of 2020. It’s nonetheless up considerably on the 12 months, however anybody who… say, sunk $300,000 in it only in the near past is certain to really feel a bit stung.
Portnoy, who has solely expanded his huge on-line following through the Davey Day Dealer streams this 12 months, stated on Monday that whereas he doesn’t pump and dump conventional stocks as a consequence of SEC oversight, he felt no disgrace about doing it with cryptocurrency—and telling his viewers to do a lot the identical.
“The thing I like about pump-and-dumps in crypto is it’s encouraged,” he stated. “In crypto, you can pump and dump all day long.”
Eight of the 10 most-capitalized cash are down over the past week, in line with CoinGecko, so it’s arduous to say how vital Portnoy’s affect has been on current costs of the cash he has promoted. However his aggressive methods appeared to backfire within the quick time period, not less than, and we’ll see whether or not his followers are as receptive the following time round ought to he reinvest in crypto.
The views and opinions expressed by the writer are for informational functions solely and don’t represent monetary, funding, or different recommendation.