{"id":253578,"date":"2021-05-19T18:01:36","date_gmt":"2021-05-19T15:01:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/barstools-dave-portnoy-says-hes-still-in-on-crypto-despite-crash\/"},"modified":"2021-05-19T18:01:36","modified_gmt":"2021-05-19T15:01:36","slug":"barstools-dave-portnoy-says-hes-still-in-on-crypto-despite-crash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/barstools-dave-portnoy-says-hes-still-in-on-crypto-despite-crash\/","title":{"rendered":"#Barstool’s Dave Portnoy says he’s ‘still in on crypto’ despite crash"},"content":{"rendered":"

“#Barstool’s Dave Portnoy says he’s ‘still in on crypto’ despite crash<\/strong>”<\/p>\n

\n

Barstool Sports founder Dave Portnoy said Wednesday that any true believer in cryptocurrencies should be loving today\u2019s crash because they can scoop up more coins at a discount.\u00a0<\/p>\n

\u201cI\u2019m still in on crypto,\u201d Portnoy said in a video posted on Twitter<\/a>. \u201cI believe buy the dips. I do believe that there\u2019s a fundamental \u2014 if you like crypto, if you\u2019re a believer in crypto, you should never be happ<\/a>ier than today because you can get it on discount.\u201d<\/p>\n

The entire crypto market is down about 25 percent, or over $400 million, in the past 24 hours, according to data from coinmarketcap.com\u00a0<\/p>\n

\u201cYeah, we\u2019re in the danger zone,\u201d Portnoy said in a video posted earlier Wednesday as the song by Kenny Loggins played. \u201cCrypto is falling apart as we speak.\u201d<\/p>\n

\u201cThe great bubble \u2014 has it burst?\u201d he asked.<\/p>\n

It\u2019s unclear exactly how much money Portnoy has tied up in cryptocurrencies \u2014 and how much he stood to lose in Wednesday morning\u2019s crash. <\/p>\n

However, he announced Monday that he invested $40,000 in SafeMoon, a small cryptocurrency with a market cap of about $3.4 billion.\u00a0<\/p>\n

SafeMoon fell over 30 percent Wednesday morning.\u00a0<\/p>\n

He also announced in April that he bought \u201cone bitcoin when it was at $48,000.\u201d He added that he sold his holdings of Dogecoin to purchase bitcoin.\u00a0<\/p>\n

Bitcoin was down over 26 percent Wednesday.\u00a0<\/p>\n

Portnoy has clashed recently with fellow crypto-enthusiast Elon Musk, who recently announced that Tesla suspended use of bitcoin as payment for its vehicles. The announcement sent the price of bitcoin down last week, irking some of Musk\u2019s supporters, including Portnoy.<\/p>\n

\"Bitcoin
Bitcoin Drops to $36,000, its first time below $40,000 since February.<\/figcaption>
Coindesk<\/span><\/figcaption><\/figure>\n

\u201cElon Musk just tried to tank Bitcoin,\u201d Portnoy said. \u201cYeah, the same Elon Musk who had Bitcoin on Tesla\u2019s spreadsheet and their balance sheet so Tesla can show a profit at the end of a quarter because they\u2019re not selling cars, now suddenly Bitcoin\u2019s bad.\u201d<\/p>\n

He added that Musk has been \u201cpulling the levers like the Wizard of Oz on crypto.\u201d\u00a0<\/p>\n

\u201cThis is bulls\u2014,\u201d Portnoy said, describing himself as a former \u201cElon fanboy.\u201d<\/p>\n

\u201cThis move Elon\u2019s doing, up and down and changing markets, shady sh\u2013, shady sh\u2013,\u201d he added.<\/p>\n

A variety of bad news<\/a> over the past week could have sparked Wednesday\u2019s crypto sell-off, including Musk\u2019s announcement last week, which\u00a0wiped about $300 billion\u00a0off the cryptocurrency market that day.<\/p>\n

But also spooking investors is that three Chinese banking and payment industry bodies issued a statement Tuesday warning financial institutions not to offer clients any service involving cryptocurrency, including registration, trading, clearing and settlement.<\/p>\n

\"A
\u201cElon Musk just tried to tank Bitcoin,\u201d Dave Portnoy said.<\/figcaption>
@elonmusk<\/span><\/figcaption><\/figure>\n

\u201cRecently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people\u2019s property and disrupting the normal economic and financial order,\u201d they said in the statement.<\/p>\n

China has already banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.\n <\/p><\/div>\n