Barstool Sports Founder Unprepared for Bitcoin, Exits After $25K Loss

After recently entering the crypto space, Barstool Sports founder turned stock trader, Dave Portnoy, seems as though he is not quite ready for Bitcoin (BTC) trading yet.

"I'm getting killed right now in Bitcoin," Portnoy said in an Aug. 21 video posted on Twitter. "It took me months to figure out the stock market, I admit that," he said. "I went in, I lost money — that's what's happening in Bitcoin," he added, noting his unwillingness to mess around with the asset to figure it out, stating a lack of available time.

Portnoy also went on to call Chainlink (LINK) advocates, also known as Link Marines, frauds. "Everyone is just selling it," he said, noting the community's perceived shilling of the asset. "I haven't dumped anything," Portnoy said. "I tried to pump — everything's getting dumped," he added.

"I don't need this, I know how the stock market works. I own the stock market. This Bitcoin — I don't trust this market at all. I may be out of it by the end of today, and never come back. If Bitcoin people want to keep my money, you better get Bitcoin up today, or else I'm f****** out."

 

Later in the day on Aug. 21, Portnoy tweeted his exit from BTC, taking a $25,000 loss on the trade. A number of crypto space participants showed up to comment on Portnoy's Bitcoin departure, some of which bashed the internet personality for his inability to remain strong during falling asset prices.

Portnoy, also known as Davey Day Trader for his stock trading antics, has previously expressed his lack of knowledge on crypto. He hosted Gemini crypto exchange founders Tyler and Cameron Winklevoss at his house on Aug. 13 for some industry education. Portnoy discussed LINK and a bevy of other topics with the Winklevoss twins, statedly allocating $250,000 for crypto trading.

Only a few days later, the Barstool founder found himself deep in the crypto game, romanticizing pump and dumps. By Aug. 18, he boasted $98,000 of profit from BTC, calling himself the king of Bitcoin while projecting millions in gains over the coming months.