Dave Portnoy Regrets Cashing Out Early On His Bitcoin
The meteoric rise of Bitcoin in the last twelve months has been nothing short of remarkable. The digital asset has seen its fortunes plummet in the same period by almost 700%, as it continues to be the toast of many investors. However, the story has never been this way, as the early investors of the digital asset, before this period, have had to battle massive dip in prices amidst several price volatility. Some were forced to sell early, while others even forgot about the digital asset. The case of Dave Portnoy, founder of Barstool Sports, is a similar one. The businessman sold off his Bitcoin early on time and now regrets his decision.
Portnoy believes it’s the worst decision he has ever made
According to the Wall Street Bull, the decision to buy $1 million worth of Bitcoin in August 2020 was purely a profit-making one. The harsh economic impact of Covid-19 on many individuals and businesses last year, coupled with the high inflation across many world economies, had forced many to look to cryptocurrencies as a means of profit. In his latest video on popular social media- Twitter, Portnoy explained that he was one of those individuals who wanted to capitalize on the meteoric rise of Bitcoin last year.
However, the businessman, who bought $1 million worth of Bitcoin last August, could not wait to generate profits off the digital assets. He admitted that a slight drop in prices from the $11,500 he bought the cryptocurrency then had forced him to trade off the digital asset barely two weeks after he acquired it. The decision to sell so early at the time, according to the investor, cost him almost $50,000 in losses. Unfortunately, the businessman has now admitted to his followers on Twitter that he regrets his decision, as Bitcoin now trades at above $60,000 for the first time. Portnoy labels it as one of the worst business decisions he has ever made in his illustrious career.
Portnoy’s future interest in Bitcoin is unknown
Portnoy’s situation is not a unique one, as many other investors of the digital asset in the past have had to trade off on time due to the unstable nature of the asset. In his video, Portnoy admitted that he had made a terrible business decision which he still regrets. However, the businessman congratulated those who still have the asset and hopes they can keep the diamond asset long enough. The investor also admitted that he quickly had to sell off his Bitcoin because it was not like stocks that he understood correctly, hence why he made the decision.
Portnoy is a well-known wall street investor in stocks who have made fortunes for himself with stocks trading. Many analysts, most of whom are his followers on Twitter, have persuaded him to re-invest, as it is not too late. However, many took the opportunity to remind the investor that had he waited, he would have made at least $5 million in profits after six months. However, despite the businessman regretting his decision, he did not confirm if he re-invested or has plans to commit more money in the future.