The controversial founder of Barstool Sports somehow manages to become involved in various types of discourse, and this includes sharing opinions about investing in the world's most valuable cryptocurrency in terms of market capitalization. Three years ago, Dave Portnoy explained that many of his associates tried to get him into Bitcoin investing, and they succeeded to a certain extent, but he never got around to actually understanding the digital currency market.
A 2017 video self-recorded by Portnoy showed how much he did not about Bitcoin. Although his approach to explaining what he knows about cryptocurrency investing is highly comedic, his lack of knowledge on the topic is actually on the money. That video, which features a critique of how deficient Coinbase used to be at a time when Bitcoin was going through a major rally, has been resurfaced in June 2017 by Portnoy himself, and he asserts that his feelings have not changed over the last three years.
There is a lot of painful truth in the way Portnoy describes his involvement with Bitcoin; since he is a comedian, you can take for granted that he is exaggerating things to get laughs, but he is also describing the way many individuals have gotten into Bitcoin, and it boils down to fear of missing out.
Portnoy has also been day trading equity securities in recent weeks, risking a fraction of the millions he has made from managing various websites, and he is recording his Wall Street experience on videos he shares on Twitter. He is amazed at how Wall Street investors continue to boost shares of companies that have reduced their business operations by more than 50% because of the coronavirus pandemic, and he is hardly alone in this sentiment. Quite a few economists have pointed out how Wall Street has turned into a global casino where investors know that the trades they are making today are not based on any fundamental realities.
Strangely enough, Portnoy is hardly the only internet celebrity who has been commenting on Bitcoin in recent days. J.K. Rowling, the author who created the Harry Potter fictional universe, has also been boosting Bitcoin's profile with Twitter discourse.