Barstool Sports’ Dave Portnoy, who has recently become a day trader, then bought one stock before the coronavirus lockdown shared his views about Bitcoin.
After the lockdown shut down sports and closed local casinos, the value of Penn’s stock tanked that Portnoy owns “a ton of” — Penn National Gaming bought a considerable stake in Barstool Sports. Out of that carnage emerged “DDTG” Davy Day Trader Global.
Portnoy’s newfound popularity in the trading universe is the result of “doing something the financial community hasn’t seen before and making it fun.”
“We are ‘Barstooling’ it, we are making hype videos, we are getting behind it, we are live-streaming it,” he said on CNBC Fast Money. Portnoy, 43, livestreams to his 1.5 million Twitter followers with the caveat: “I’m not a financial advisor. Don’t trust anything I say about stocks.”
Portnoy touted airline stocks and is dissing the likes of Warren Buffett. “I’m sure Warren Buffett is a great guy, but when it comes to stocks, he’s washed up,” he tweeted. “I’m the captain now.”
The Suits – Anybody can make money in a bull market
Me – Except Warren Buffett
The Suits – How dare you bash Warren Buffet.
— Dave Portnoy (@stoolpresidente) June 18, 2020
Bitcoin is like Mario brothers
Portnoy who is now using random scrabble letters to choose a stock, took to Twitter today to tell everybody who is trying to get him into BTC that he feels the same way about bitcoin today as he did in 2017.
Near the peak of the bull market, Portnoy invested in bitcoin because everyone was going on about the leading digital currency. However, he doesn’t “even know what the fuck cryptocurrencies or bitcoin is,” he said in the video that he made at that time.
He doesn’t get all the fuss about bitcoin mining, for him, “It’s like Mario brothers when you hit something a mushroom pops up, except that it’s bitcoin.”
It’s “not real,” but it’s worth thousands of dollars ($11k at that time), up more than 65% in just three months when he first tried to buy it. “It just keeps going up, keeps going up, keeps going up…”
Portnoy has all the same questions that any other outsider has, that it’s a scam, a Ponzi scheme and that you can’t buy groceries or pizza with it (Tell that to Laszlo Hanyecz who paid 10,000 bitcoins for two pizzas in 2010).
So, he doesn’t get bitcoin or cryptos, but everyone; the homeless guy, Instagram models, and Nick from the office (who has 20% of his net worth in BTC) is talking about bitcoin, and everyone is getting rich.
Though he believes it’s going to crash, he would instead crash with it then just sit on the sidelines.
And he “can’t get enough” of bitcoin.
Unlike the time when the crypto community tried to make Harry Potter author JK Rowling understand Bitcoin, this time, the community restrained.
Everyone say the opposite of what they said to JK Rowling
— moon (@MoonOverlord) June 20, 2020
Moreover, he’s already in bitcoin.
Stimulus checks driving millennials
Since the mid-March crash, when everything from Bitcoin, stocks, gold, to Treasuries, tanked, the stock market has been surging like crazy reaching their all-time highs yet again thanks to Federal Reserve’s money printing.
During this period, Bitcoin jumped 150% but this time, instead of piling into the crypto market, millennials and Gen Zs who are stuck at home with free time and government stimulus checks have found their way into stocks through apps like Robinhood.
Robinhood added over three million funded accounts in the first four months of 2020, and half of them are those who opened accounts are first-time investors.
With commission-free trading, “the barriers to entry are essentially zero, and the cost to transact is essentially zero,” said Julian Emanuel, chief equity and derivatives strategist at BTIG LLC.
Although these first-time investors are not really qualified, “You learn more when you’re losing,” Emanuel said.