Dave Portnoy, founder of Barstool Sports, returned to Bitcoin (BTC) after he suddenly left cryptocurrency trading when investment in Chainlink (LINK) soared. In a recent video, Portnoy said that his “heart is cryptocurrency” and that he will soon return to the cryptocurrency market.
The Internet personality, who has become a popular trader after the coronavirus pandemic, entered the bitcoin market on August 14 after meeting billionaires, bitcoin investors Cameron and Tyler Winklewos. After receiving a quick update on what cryptocurrency is and how to trade it, Portnoy reportedly bought a large amount of Bitcoin and Chainlink (LINK).
Without knowing about Portnoy, his LINK purchase was close to a peak of more than 1000%, and he was dissatisfied when his position showed a loss when LINK’s price rose sharply. Shortly afterwards, Portnoy announced that he was leaving the cryptocurrency market. On August 22, he said, “I no longer have cryptocurrencies because coins do not always go up.” Ironically, after a strong correction in the cryptocurrency market, it now suggests a comeback.
Coded people are “the most interesting group of people”
According to Portnoy, he believes that many investors in the cryptocurrency market share his identity.
The outgoing businessman and investor said his “heart is cryptocurrency” and he will be back soon. He said:
“The coded people are the funniest group I’ve ever met. They’re crazy. They are crazy on social media, they are crazy on Twitter, they have the same pissed off personality as me, they are sincere players, they tend to laugh at themselves, they just want to make money. I have to code. My heart is encrypted. But I have to understand this. ”
Since Portnoy announced he was leaving the cryptocurrency market, the price of bitcoin has fallen by about 12%. Major cryptocurrencies including Ether (ETH) and LINK saw a sharp decline against the US dollar.
LINK, which Tailor is still passionate about, has fallen 21% since August 22. But altcoins have seen a larger decline than bitcoins due to their strong growth in the second half of 2020. LINK rose from $ 4.74 on July 6 to $ 19.99. On 16 August, it showed an increase of 325%.
The time is interesting
The timing of Portnoy’s announcement to the cryptocurrency community is interesting because it came after the Nasdaq saw the fastest 10% drop in history.
The problem with the current situation in the US stock market is that many strategists predicted an impending recession. Tech stocks in particular began to decline after reports that SoftBank was probably the “whale of the Nasdaq” that pushed prices up by placing a huge $ 4 billion bet on US stocks.
Alexis Gray, Vanguard’s strategic investment analyst, said it was difficult to maintain a bullish run due to the gap in market performance and global economic trends. He said:
“The shares were priced to perfection. It has always been difficult to maintain this when you have a gap between how the markets are doing and what the global economies are doing. ”
However, Portnoy soon returned to Bitcoin and said a few words to the cryptocurrency community. He said:
“I love you crypto, Marines love LINK.”