Barstool Sports founder Dave Portnoy has opened up about his brief experience in the cryptocurrency trading space in an interview on Anthony Pompliano’s podcast.
Portnoy, known as ‘Davey Day Trader’ by his scores of followers across his social media channels, grabbed headlines in August after the Winklevoss twins introduced him to Bitcoin and cryptocurrency trading in an online video.
The Barstool Sports founder then made some substantial moves into the crypto space, buying over $300 000 worth of Chainlink tokens and over $1mln worth of Bitcoin which was revealed during one of his Davey Day Trader podcasts.
A few days later Portnoy announced that he had exited the cryptocurrency markets following some substantial losses.
Given Portnoy’s reputation as a day trader, the success of Barstool Sports and his brief foray into cryptocurrency trading, Pompliano hosted him in the latest episode of the Pomp Podcast.
Pompliano is well-renowned in the cryptocurrency space as the confounder of Morgan Creek Digital.
Portnoy thinks Bitcoin is a Ponzi
Having discussed a variety of different topics relating to Portnoy’s history and that of Barstool Sports, the conversation turned to Portnoy’s involvement and thoughts about cryptocurrency and Bitcoin in particular.
Portnoy started off by saying that he still had no cryptocurrency holdings following his recent investment and resulting divestment into the space.
“So I have nothing in crypto right now and that is probably the thing I miss the most is the memes. Although I think the LINK Marines are dead,” Portnoy told Pompliano.
The podcast host then asked him why he’d also invested in LINK when he got involved in the cryptocurrency space. Portnoy said the sheer number of users on social media touting Chainlink was a major reason why he bought LINK tokens.
“The LINK Marines were blowing up my timeline, ‘You gotta buy LINK, LINK, LINK. It’s no different than the stock markets, everyone is pumping their own s**t,” Portnoy said.
Pompliano then asked Portnoy why he didn’t just buy Bitcoin solely – to which the Barstool Sports founder said he was skeptical of the preeminent cryptocurrency.
“Bitcoin is just one big ponzi scheme. I understand what I think you guys think it is but to me it is a ponzi scheme that you get in and you have to be the one not left holding the bag,” Portnoy said.