Despite the massive crash, Dave Portnoy says he’s still invested in cryptocurrency.
Dave Portnoy, founder of Barstool Sports, stated Wednesday that any true believer in cryptocurrencies should embrace today’s crash because it allows them to acquire additional coins at a discount.
“I’m still invested in crypto,” Portnoy stated in a Twitter video. “I believe you should purchase the dips. I believe there is a fundamental — if you like crypto, if you believe in crypto, you should never be happier than you should be right now because you can get it on sale.”
According to data from coinmarketcap.com, the entire crypto market has lost about 25%, or more than $400 billion, in the last 24 hours.
“Yeah, we’re in danger,” Portnoy said in a video posted earlier Wednesday as Kenny Loggins’ song played. “Cryptocurrency is collapsing as we speak.”
“Has the great bubble burst?” he inquired.
It is unknown how much money Portnoy has invested in cryptocurrencies — or how much he stood to lose in Wednesday’s crash.
He did, however, announce on Monday that he had invested $40,000 in SafeMoon, a small cryptocurrency with a market capitalization of approximately $3.4 billion.
Wednesday morning, SafeMoon fell more than 30%.
Additionally, he announced in April that he purchased “one bitcoin when it was $48,000.” He also stated that he sold his Dogecoin holdings in order to purchase bitcoin.
Bitcoin fell more than 26% on Wednesday.
Portnoy recently clashed with fellow crypto enthusiast Elon Musk, who announced that Tesla would discontinue accepting bitcoin as payment for its vehicles. Bitcoin’s price fell last week as a result of the announcement, irking some of Musk’s supporters, including Portnoy.
Bitcoin falls to $36,000, its lowest level since February.
“Elon Musk recently attempted to devalue Bitcoin,” Portnoy stated. “Yeah, the same Elon Musk who included Bitcoin in Tesla’s spreadsheet and balance sheet in order for Tesla to report a profit at the end of the quarter despite the fact that they are not selling cars, now declares Bitcoin to be bad.”
Musk, he continued, has been “pulling the levers on crypto like the Wizard of Oz.”
“This is complete nonsense,” Portnoy stated, referring to himself as a former “Elon fanboy.”
“Elon’s move, up and down and changing markets, is shady sh–, shady sh–,” he continued.
Numerous negative headlines over the last week could have triggered Wednesday’s crypto sell-off, including Musk’s announcement last week, which wiped about $300 billion from the cryptocurrency market that day.
However, investors have been alarmed by a statement issued Tuesday by three Chinese banking and payment industry bodies warning financial institutions not to offer clients any service involving cryptocurrency, including registration, trading, clearing, and settlement.
“Recently, cryptocurrency prices have soared and plummeted, and speculative trading has rebounded, jeopardizing the safety of people’s property and disrupting the normal economic and financial order,” they stated in the statement.
China has already banned cryptocurrency exchanges and initial coin offerings, but not individual cryptocurrency holders.