Business
Dave Portnoy: Bitcoin is a Ponzi Scheme
Barstool Sports founder Dave Portnoy made waves just months after entering the cryptocurrency space. In a podcast with Anthony “Pomp” Pompliano, the controversial daytrader claimed Bitcoin was a Ponzi scheme, which proves his reason for withdrawing.
Portnoy has become one of the most influential and controversial faces in day trading in traditional markets. Earlier this year, he announced that he was “close to joining Bitcoin,” which attracted a lot of attention. Even the Winklevoss twins offered to help educate him about Bitcoin.
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However, its controversy soon followed in the vigilant cryptocurrency space, and the community quickly discovered its pump technology. After Portnoy bought several altcoins and claimed a loss of $25,000, Portnoy said he pulled out.
In Pomp’s recent podcast, he reiterated that he doesn’t currently own any digital assets. He even stated that Bitcoin “is a Ponzi scheme in his opinion”.
Interestingly, it wasn’t the first time he bought Bitcoin in 2020. He admitted that during the parabolic price hike in 2017, he bought about $ 50,000 in BTC for about $15,000. When asked if he still had coins in hand, Portnoy said he had lost his hardware wallet.
Dave Portnoy: Lack of Accountability is a Problem
One of the most distinctive features of Bitcoin is the anonymity of its creator Satoshi Nakamoto. Although the pseudonym is widely known and controversial, some people claim to be Satoshi Nakamoto, but the real identity is still a mystery.
Portnoy thinks this is a problem. He argued that if at some point he loses money or is scammed, he would rather know who is behind the entire operation. For Bitcoin, however, this “lack of responsibility” has left people unhappy with it. However, he indicated that he plans to switch back to BTC. He believes that the community and most memes attract him the most, and that is what he misses the most.
