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“Bitcoin Better Investment than Gold," Winklevoss Says to Dave Portnoy Over Talks on Elon Musk’s Plans to Mine Gold in Space

In an interview released Friday, Cameron and Tyler Winklevoss, the renowned Bitcoin billionaires and founders of cryptocurrency exchange Gemini, got together with Barstool Sports “Davey Day Trader” Dave Portnoy to discuss Bitcoin.

The Winklevoss twins backed BTC to the fullest and said that it was a better investment than gold.

Bitcoin’s Value Will Go Up with Gold Mining

The American internet celebrity reached out to the Winklevoss twins through his Twitter account and asked them to educate him on Bitcoin (BTC) and how to trade and invest in it properly. In their interview with Portnoy, Tyler and Cameron Winklevoss advised the trader to invest in Bitcoin rather than gold. They said that BTC was a safer asset and the only “fixed asset in the galaxy,” as talks about SpaceX and Tesla CEO Elon Musk’s plans to mine asteroids in the future ensued.

The Winklevoss twins elaborated that given Elon Musk’s plans to mine gold from asteroids, gold’s supply is going to increase, whereas Bitcoin is not. BTC has a supply cap of 21 million, which greatly increases its value as a digital asset given its scarcity in comparison with gold. The Winklevoss twins said:

“Gold is a problem because the supply isn’t fixed like Bitcoin. There are billions of dollars of gold floating in asteroids around this planet.”

In the interview, which generated over 500,000 views on Twitter, Cameron Winklevoss emphasized that for his twin brother and him, Bitcoin was like “internet gold”, which is in parallel to what BTC enthusiasts call the digital cryptocurrency these days – “digital gold.”

Winklevoss thinks that Elon Musk will definitely carry out his plans of mining gold from asteroids in space. Following that logic, when that happens, gold will suddenly become worthless, due to its overflow of supply. In contract, there will only ever be 21 million Bitcoin tokens. As gold does not have a fixed supply, Winklevoss hypothesizes that Musk will potentially “destroy gold.” He further said, “Gold is for boomers who don’t understand that.”

JP Morgan Chase: Bitcoin or Gold?

In a study done by JP Morgan Chase, the strategist team behind the US bank found that older investors have a tendency to invest in gold, while millennials and young investors favored cryptocurrency and tech-related stocks more.

With COVID-19 still looming and investors looking for safe-haven assets, the survey found that older investors trusted the traditional safe-haven asset – gold- more as a hedge. As for millennials, they tended to invest in Bitcoin and tech investment stocks more, despite BTC’s high volatility. In other words, with high volatility comes high risk, but the younger generation was willing to take that chance to potentially gain a high return.

Elon Musk Wants to Conquer Gold in Space

With all this talk about gold and space mining, Elon Musk has publicly answered Dave Portnoy on Twitter, linking a NASA news story reported by Fox News that indicated that it is “eyeing up a nearby asteroid that contains enough gold to make everyone on Earth a billionaire.”

US Space Agency NASA has publicly declared in March that Tesla CEO Elon Musk’s company SpaceX will be the one that will launch a mission in space to conquer the asteroid “Psyche 16.”

Winklevoss Backs Bitcoin

In response to Musk’s tweet, Tyler Winklevoss said, “Looking forward to the day when you smash gold out of asteroids.” The Gemini co-founder is supportive, but it is no secret by now that his brother and he are big Bitcoin advocates.

The Winklevoss twin thinks that this is the perfect time to capitalize on BTC, given the stock market’s entry into “bubble territory” and the depreciation of the US dollar with the Federal Reserve mass printing money for stimulus purposes.

Bitcoin Crowned ‘Most Viewed Asset in the US’ Last Month, Along with Tesla Stock

This week, Bitcoin surged in the market again, recording new highs that have not been seen of the digital asset since June of last year.

Bitcoin Breaks Record in 2020

Needless to say, investors have been closely monitoring Bitcoin (BTC)’s bullish behavior in the market after the digital asset surprised the cryptocurrency community by pulling itself out of a long-time slump last month. On the Luxembourg-based Bitcoin exchange Bitstamp, BTC’s market value hit $12,470 per coin, surging by almost 4%, much to the delight of crypto enthusiasts,. Shortly after the digital asset’s bull run, its price descended slowly again, falling back to a more stable level.

At the time of writing, Bitcoin is reported to have passed the $11,500 mark and is valued at $11,928. Investors are anticipating its reach past the $12,000 level in the market.

David Portnoy Talks Bitcoin, BTC Surges

The latest Bitcoin rally was observed after American celebrity and avid trader David ‘Davey Day Trader’ Portnoy came forward and publicly invited the Winklevoss twins to teach him about Bitcoin. The Barstool Sports founder admitted that he had absolutely “no idea what he was doing” when it came to Bitcoin, saying that he had a digital wallet somewhere but that he had lost the keys.

Since then, Bitcoin has rallied and gained over 30% in the last month, according to Forbes. Data findings released by TradingView analysts also indicated that Bitcoin was reportedly the most viewed financial asset in the US last month, trailing behind Tesla stocks.

Tesla, Elon Musk’s prized project, also had a bull run of its own on Monday, following an analysis regarding their yearly price target. Since its gains on the stock market, Tesla has fallen back down a little and maintained a more stable price level.

‘Digital Gold’ Bitcoin in Wall Street Spotlight

David Portnoy’s shared content regarding Bitcoin seems to have triggered a bull run for BTC, as traders were perceived to have renewed interest in the digital asset, starting with Wall Street big-timers and corporate firms directing more attention towards Bitcoin. One BTC advocate is billionaire hedge fund manager Paul Tudor Jones. With the ongoing depreciation of the US dollar sending Bitcoin’s price over the roof, the billionaire had tweeted his regrets and publicly stated yesterday:

“My bet on #bitcoin as a safe haven against the deteriorating dollar is doing incredibly well. My only regret is not buying more. I believe this rise in price we’re seeing is far from over. In fact, it’s just getting started!”

Mixed Views on Portnoy’s Bitcoin Strategy

Though Portnoy’s enthusiasm is welcomed and embraced by some Bitcoin advocates, such as BTC billionaires and Gemini co-founders Tyler and Cameron Winklevoss, the Davey Day Trader has also received divided criticism on other ends.

For example, a FxPro senior analyst shared with Forbes that the interest in Tesla and Bitcoin was spurred by ‘fear-of-missing-out’ (FOMO) investors, who are afraid of missing a once-in-a-lifetime opportunity with Bitcoin’s recent bullish behavior. Alex Kuptsikevich said, “This is almost like a rookie game against the pros. Professionals do not see the ‘business’ in bitcoin and massively short Tesla, a company that accrued massive losses for years and has a tiny share on the overall car market.”

Other cryptocurrency analysts called Portnoy’s “pump and dump” strategy a terrible idea, saying that “it was not a good look for the community,” as they thought that this would devalue digital assets. Famous host of “The Wolf of All Streets” podcast and Bitcoin advocate Scott Melker brought up the question of whether “Davey Day Trader taking the crypto world by storm” was a good thing.

While some investors are saying that Dave Portnoy is bringing good publicity to Bitcoin and prompting its bullish rally, others are arguing that this would lead to a surge and subsequent crash of the cryptocurrency, with new investors who are looking to get rich quickly and through a shortcut suddenly investing heavily in Bitcoin.

This may subsequently lead to a potential “boom and bust” for Bitcoin.

Barstool Sports Founder Dave Portnoy to Dump Bitcoin and Chainlink (LINK) After $25,000 Loss

Online sports celebrity and founder of Barstool sport Dave Portnoy announced that he might be quitting crypto trading, after purchasing $200,000 in Bitcoin and a huge quantity of other cryptocurrencies such as Chainlink (Link) just a week ago.

Portnoy took to his Twitter account on August 21 and said that he sold off all of his holdings in cryptocurrencies, which he recently bought on August 13. He stated that he now owns zero Bitcoin (BTC).

Panic Selling Ruins Bull Run

Portnoy hosted the Winklevoss twins at his home on August 13, who explained to him thoroughly how cryptocurrency trading works. The meeting event enabled the Gemini co-founders to introduce Portnoy into crypto trading. Cameron and Tyler Winklevoss not only explained the basics of Bitcoin to Portnoy but also taught him how to trade on the Gemini cryptocurrency exchange.

Portnoy had already deposited $250,000 into his Gemini account before the twins had arrived. The meeting with the twins then resulted in Portnoy investing $200,000 worth of Bitcoin and allocating $50,000 to Chainlink (LINK). A few days later, he boasted on social media, touting that he was the king of Bitcoin after gaining $98,000 in profits from BTC cryptocurrency.

He then began to annoy Bitcoin users by trying to promote small-time altcoin Orchid (OXT) on social media and urged his followers to buy the cryptocurrency. Since Portnoy has more than 1.7 million followers on social media, his promotion of the cryptocurrencies appears to have influenced the valuation of certain cryptos on the markets. But the more seasoned crypto investors on Twitter did not seem to take the bait.

Portnoy’s purchase of $50,000 worth of Chainlink token (LINK) did not go as planned as the altcoin saw a 30% decline amid a market correction for the decentralized oracle network. This resulted in a loss of $25,000 for the “Davey Day Trader”, an incident that angered him. Consequently, he announced that he might well be done with cryptocurrencies, for good.

Common Trading Tips Traders Ignore

The rule of “buy low” and “sell high” is the basic formulae for trading. This applies to a pattern of crypto prices, which shifts between certain price points. Portnoy appears to not have followed this simple rule, with Bitcoin bulls such as crypto analyst Scott Melker criticizing the Barstool Sports founder for his market trading tactics. Certain analysts referred to Portnoy’s “pump and dump” strategy as was criticized by Bitcoin bulls such as devaluating for the crypto community.

This case scenario seems to be of bad timing and unfortunate, as Portnoy purchased cryptocurrencies at the top of the current bull cycle, but panicked when the assets began to decline in value on the crypto market.

His initiation into cryptocurrency trading has put a spotlight on the reality of price volatility that still exists in markets. The crypto community responded by labeling him as weak for not being able to tolerate the downsides of cryptocurrency trading.

Chainlink (LINK) Hit a New All-Time High in Daily Active Addresses Despite Dave Portnoy Selling Tokens

Just last week, Chainlink’s price reached a new all-time high of $20, after continuous weeks of breaking records. However, Chainlink (LINK) witnessed a strong correction after approaching $20, falling to a low of $14 amid a flash crash.

According to blockchain analytics firm Santiment, LINK hit an all-time high yesterday in daily active addresses even during an altcoin slump. Chainlink’s price plunged to $13.49 and is now back up at $15.63 at press time.

The firm also warned that a lot of altcoin market capitalizations have shrunk on Friday, and many altcoins “looked overinflated.”

A week ago, Dave Portnoy, founder of Barstool Sports decided to invest in cryptocurrencies including Bitcoin (BTC) and Chainlink, after a discussion with the Winklevoss twins. Tyler and Cameron Winklevoss, the founders of the Gemini exchange said that Bitcoin was a safer asset than gold, as Elon Musk is planning to mine asteroids in the future.

Since Bitcoin has a fixed supply, and Elon Musk’s plan to mine gold from asteroids could potentially increase gold’s supply, Bitcoin’s value as an asset would increase due to its scarcity in comparison with gold, according to the Winklevoss twins.

Portnoy revealed that he invested $200,00 in Bitcoin and $50,000 in Chainlink, however, the altcoin saw a 30 percent decline amid a market correction, resulting in a loss that triggered his new announcement. He tweeted that he could be done with cryptocurrencies for good:

“I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done.”

LINK suffered a 30 percent dump since Portnoy announced his bullishness for the token, saying “LINK to the moon.”

According to Portnoy, he decided that the cryptocurrency market may not be worth it as he makes “6 figures every day” in the real stock market, and “losing of any kind is unacceptable.” He added, “Six figure days or bust.”

On-chain data showed that Chainlink’s slump will be followed by a bullish trend reversal, and the LINK community believes that LINK whales have increased their balances, and will continue to purchase more LINK. If Chainlink sees a bullish trend reversal, perhaps Dave Portnoy should have HODL-ed.

Dave Portnoy Calls Bitcoin “A Ponzi Scheme,” but Says He Will be Back for Crypto

Barstool Sports founder Dave Portnoy revealed in an interview with Bitcoin bull Anthony “Pomp” Pompliano that he had previously bought $1.25 million worth of Bitcoin (BTC), despite thinking that the largest cryptocurrency by market cap was just a “just one big Ponzi scheme.”

The eccentric “Davey Day Trader” previously invested heavily in cryptocurrencies, after getting briefed about the ins and outs of Bitcoin trading from the Winklevoss twins. In a Twitter post, he had called out Bitcoin billionaires Cameron and Tyler Winklevoss, summoning their help regarding Bitcoin investments and asking them to “just show him how to ‘do it.’”

Following the Gemini co-founders’ advice, Portnoy invested heavily in Bitcoin and DeFi tokens such as Chainlink (LINK) but pulled his funds when he underwent a loss of $25,000 with LINK tokens.

He then declared that he owned zero Bitcoin, having sold them all. The Barstool Sports founder then said that “losing of any kind is unacceptable” and announced his exit from the cryptocurrency market. However, he claimed that he will be back and said that “his heart is crypto.”

Now, in Portnoy’s interview with Pomp, the Davey Day Trader announced that he missed crypto and that he would eventually get back into Bitcoin. He said:

“I’ll get back into Bitcoin. I don’t know when. I don’t have much liquid really – it’s all invested.”

Pomp applauded Portnoy’s stock investment strategy, as he referenced the US dollar’s quick devaluation.

This may sound controversial for the crypto community, as the Davey Day trader also called BTC a Ponzi scheme. He was criticized in the past by Bitcoin bulls for using a “pump and dump” strategy with the “digital gold” crypto asset, and for devaluating the crypto community with these actions.

Portnoy has not been the only one to call Bitcoin a Ponzi scheme. The CEO of Irish-based airline RyanAir, Michael O’Leary, had also classified BTC as a Ponzi scam after he was impersonated by online scammers posing as the CEO to tout the digital currency. Several media outlets portrayed an interview of Michael O’Leary with him allegedly saying, “I’m glad I tried (Bitcoin) because it was some of the biggest and easiest money I have ever made.”

The RyanAir CEO had however rectified the false claims and the scam and disclosed to The Sunday Times:

“I have never, and would never, invest one cent in bitcoin, which I believe is equivalent to a Ponzi scheme, I would strongly advise everyone with any shred of common sense to ignore this false story and avoid bitcoin like a plague.”