High profile stock trader Dave Portnoy has panic sold his bitcoin one week after he got into cryptocurrency. He cited the falling price of chainlink, another of his crypto investments, as the main reason.
Dave Portnoy Got in and Out of Crypto in One Week
American trader and founder of Barstool Sports blog Dave Portnoy became a headline in the crypto space when he began investing in bitcoin on Aug. 13. He sat down with the founders of Gemini Exchange, the Winklevoss twins, who walked him through buying his first bitcoin. Portnoy invested $200K in BTC, $50K in chainlink (LINK), and later bought orchid (OXT).
While the prices of his cryptocurrencies were climbing, Portnoy was quite happy. However, he was fixated on pumping and dumping cryptocurrencies. “The thing I like about pump-and-dumps in crypto is that it’s encouraged,” he said in a recording. Noting that in the stock market, the Securities and Exchange Commission (SEC) will take action against anyone engaging in pump-and-dumps, he said, “In crypto, you can pump and dump all…