Barstool Sports founder Dave Portnoy is taking his hat off to all Bitcoin investors as the leading cryptocurrency prints a new all-time high of $61,683.
In a video posted on Twitter, Portnoy reveals to his 2.4 million followers that he messed up for selling his Bitcoin (BTC) stash at a loss.
“I want to congratulate all my Bitcoin people out there. [$61,000], parabolic guy with the shades and the diamond eyes and all that. ‘Oh, he’s a paper hand.’ When you’re wrong, you’re wrong. I fucking paper-handed sold it.”
In 2020, Portnoy invested over $1.25 million in Bitcoin and Chainlink (LINK) after having a quick meeting with the Winklevoss twins. He immediately cashed out and booked a loss of $20,000. At the time, the leading cryptocurrency was trading below $12,000.
Portnoy adds that Bitcoin’s volatility was too much for him to handle.
“I fucking can’t take Bitcoin, the ups and downs. I wish I fucking had. I took my money and put it in what I think I know and what I can control and what I have a hand [on]. I don’t know Bitcoin… So I said, ‘Hey, I’m going to bet on me.’ I fucked up, alright. I took Emeka Okafor. Sorry. I bet on myself. It didn’t pan [out].”
Portnoy’s recent praise for Bitcoin HODLers arrives just a month after he expressed his disappointment in the flagship crypto asset and pledged to stay away from it.
“Bitcoin is the only thing that doesn’t go down. Bitcoin’s at fucking $51,000. It was $11,000 in August. Jesus Christ.
I’m never buying Bitcoin. Never. Never-never. I don’t believe a thing about it, but I do think it’s profitable. I think there’s enough steam that it may just continue to go up forever. But I don’t buy the underlying like junk behind it.”
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