Someone Stop Dave Portnoy From Going Down the Bitcoin Rabbit Hole
- The Winklevoss twins are going to explain bitcoin to Dave Portnoy.
- Is the Barstool boss ready to take the crypto red pill?
- DDTG’s army of day-trading fans needs to know what they are getting themselves into.
Dave Portnoy wants to learn about bitcoin, and he’s invited the Winklevoss twins to teach him. Unfortunately, this isn’t the NYSE–this is the wild west of cryptocurrency. DDTG and its legion of loyal fans are cruising for an epic bruising if they mess around with bitcoin.
Bitcoin Rally Grabs Dave Portnoy’s Eye
Portnoy’s interest in bitcoin has been building over the last few days as the top cryptocurrency spikes toward $12,000 amid general dollar weakness.
Such epic gains were always going to draw the Portnoy’s eye, and so he invited the Winklevoss twins to explain the whole cryptocurrency deal to him.
Tyler already confirmed, and it seems that El Presidente is ready to buy up all the bitcoin he can.
Unfortunately, taking the red pill and diving down the crypto rabbit hole is a pretty eye-opening experience.
Video: Portnoy Taking The Red Pill
Will Dave and his army of day traders avoid getting wrecked by bitcoin’s wild volatility? Can Portnoy maintain his bullishness when the Fed Ponzi scheme is laid out before his eyes?
Buyer Beware: Cryptocurrency Is Not Your Grandad’s Financial Market
DDTG is famous for its “stocks always go up” mantra, an argument that rings true for most of the major stock U.S. indexes.
As of right now, it is not the case in cryptocurrency. Since peaking in 2017, bitcoin has not always gone up. If Portnoy “buys up all the bitcoins,” he would need to prepare for the possibility of a monster correction.
Video: Volatility Giveth, Volatility Taketh Away
Followers on Twitter could be even more exposed, as smaller traders tend to try and use leverage to juice their gains. While it’s possible to make a lot of money trading crypto on leverage, the illiquid markets make it equally dangerous.
Calling for buying cryptocurrency is not like buying Smith & Wesson; this is a different world.
Winklevoss Twins Will Force Feed Portnoy the Red Pill
The original bitcoin billionaires, Tyler and Cameron Winklevoss, are unlikely to pull any punches on their view of the U.S. dollar or BTC’s importance as a deflationary store of value. Portnoy is probably going to have to sit through numerous examples of currency collapse like Zimbabwe or Venezuela.
Video: Currency Collapse Is Very Real In Emerging Markets
He will also have to hear about how the Fed prints money out of thin air, the insurmountable debt loads weighing on most developed economies, and the fragility and greed of banks.
Stocks don’t always go up, and Dave might lose some of his gung-ho exuberance. Once you’ve been told the (questionable) average life-span of fiat currency, it’s hard not to question the financial world around you.
Video: Is Portnoy Ready For Reality?
Alternatively, Portnoy might continue unabashedly buying everything in sight. Inevitably the Barstool boss is going to fall in love with the volatility he sees in bitcoin.
It is only a matter of time before he discovers altcoins.
God help us all.
Disclaimer: This article represents the author’s opinion and should not be considered investment or trading advice from CCN.com. The author holds cryptocurrencies.