Barstool Sports founder Dave Portnoy has revealed he is going to be back in the cryptocurrency space after abruptly abandoning it in the wake of a Chainlink (LINK) trade that went wrong.
In a recent video of his daily Davey Day Trader stock market stream, Portnoy pointed out he has been working with internet businesses for nearly 20 years and that the cryptocurrency community is one of the best he has ever interacted with, and that his “heart is in crypto.”
Portnoy became a popular day trader after the coronavirus pandemic, and started trading BTC on August 14 after meeting with Tyler and Cameron Winklevoss, founders of the Gemini exchange. When he entered the crypto space, he bought a significant amount of BTC and LINK.
His LINK purchase was, however, close to the top of an over 1,000% rally the cryptocurrency saw thanks to the growing interest in decentralized finance, and his position ended up registering a loss after LINK’s price started correcting.
On August 22, Portnoy said he was leaving the cryptocurrency space “because coins don’t always go up.” He announced he will now be back as crypto users share his own personality, as they are “gamblers at heart,” can “laugh at themselves,” and “just want to make money.”
The crypto people, just about the most enjoyable group of people I’ve ever met
Portnoy pointed out that he just has to figure things out first, as right now he is dealing with the stock market. His comments come after the Nasdaq endured its fastest 10% drop in history as some believe a tech bubble created by a massive $4 billion options bet on U.S. equities created by SoftBank may have popped.
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