“I’m begging my #crypto friends to get involved in the stockmarket. #Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!”
I’m begging my #crypto friends to get involved in the stockmarket. #Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move! pic.twitter.com/kjswWLDX8U
— Dave Portnoy (@stoolpresidente) September 2, 2020
The Barstool Sports founder has stated on many occasions that he doesn’t think Bitcoin and crypto are currently in a good spot because if their inability to give him consistent gains every day. He previously said that “no losses” are allowed with his portfolio, hence why he cashed out of cryptocurrency after taking a 1.5% loss.
Portnoy may be right in the near term — stocks outperformed BTC on Wednesday — but many think Bitcoin has room to extend higher.
Dan Tapiero — the co-founder of DTAP Capital, Gold Bullion International, and other companies — recently noted that BTC is on the verge of extending parabolically to the upside in this market cycle:
“Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.”
Others have echoed this positive sentiment, including Mike McGlone of Bloomberg, BitMEX’s Arthur Hayes, and others in and outside of the cryptocurrency space.
Most agree that macro factors, like money printing, is poised to wrest BTC higher.
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