Dave Portnoy considers Bitcoin as “one big pyramid”. Crypto investors disagree
Barstool Sports founder and eccentric trader Dave Portnoy has been a guest on the latest episode of Anthony Pompliano’s podcast. In August, Portnoy made a short acquaintance with the world of cryptocurrencies, but together with the correction that replaced the growth, he decided to leave it..
“Now I don’t keep anything in the crypt. I miss memes the most, ”Portnoy said, confirming that at some point his Bitcoin holdings were $ 1.25 million.“ It’s all one big Ponzi scheme. No different from the stock market. Everyone will pump their own. When you enter, your task is not to be the last “.
He explained his decision to leave the cryptocurrency market by excessive price fluctuations, often for no apparent reason. “There is no explanation as to why it is growing. I have no idea why it rises or falls, “added Portnoy.
Pompliano suggested that the interlocutor try to invest for a longer period, since otherwise the short-term volatility will not allow the potential to unfold. The tailor agreed to make another attempt, but did not give a specific date. “I have a little liquidity. Everything is in investments, “he explained..
Commenting on Portnoy’s words, investment director Ari Paul noted that bitcoin is a speculative asset, which includes most commodities, including copper, grain and gold, which distinguishes it from productive assets, but does not make it a financial pyramid..
Analyst Willie Wu said that many early stage startups resemble bubbles and pyramids, as they are not yet able to show real results. “The bottom line is that they appear to be pyramids until they become the new normal and change the world,” he added..
“Oh dear Dave, by your definition, all listed assets are pyramids,” wrote Casa CTO Jameson Lopp.
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