Dave Portnoy is an American billionaire and founder of Barstool Sports. In a recent interview with Varney & Co., he shared his optimistic remarks about the Bitcoin market. It should be noted that the former President of the United States, Donald J. Trump, claimed a few days ago that Bitcoin seems like a scam and it ought to be regulated very highly. The current reputation of Trump is enough for many to go in the opposite direction. However, Portnoy, who has extensive stock market experience, disagrees with Trump based on heuristic reasoning.
In the beginning, Portnoy started as a vocal Bitcoin cynic as well. He even went as far as calling Bitcoin a Ponzi scheme. However, recently he has claimed that Bitcoin merits have become visible for him. He further added in his interview that a huge amount of traders are involved with the beacon cryptocurrency for it to be turned out a mere scam. Furthermore, there is also a good amount of liquidity associated with Bitcoin. The investors can get out of their Bitcoin holdings any time they want.
Trump is not Correct about his Assessment of the Flagship Cryptocurrency
Speaking to the journalist, Portnoy claimed that he does not agree with the idea expressed by Trump a few days ago. In his opinion, Bitcoin is a legitimate asset class, and it is not a scam. He further added that since about 50% of the price value has been taken out of the beacon coin, the crypto stakeholders can’t pretend that everything is going according to plan. However, it can be hoped that tailwinds of favor flow in the direction of Bitcoiners soon.
He also prompted the Bitcoin investors to be patients and hold on to their long-term positions without any reservations or fear. Up until 2020, Portnoy was counted among those who thought that Bitcoin has major issues. He even took the plunge to invest some money into the beacon coin and reported that he lost about $25,000. After that, he claimed that he would like to stick to the stock market since he is aware of how it works. However, he once again tried his hands in the crypto market and seemed to have grown fond of digital assets since then.
Shark Tank Host Kevin O’Leary Claims that Nothing would be Able to Replace Bitcoin now
Kevin O’Leary is an American investor and business person who rose to popularity after his show Shark Tank. Speaking at the Bitcoin 2021 Miami conference, O’Leary made many positive remarks about Bitcoin. He told the attendees that Bitcoin is in the market for the long run, and it has experienced such a growth spurt that it would be impossible to take it out.
He has also been among the investors who started as Bitcoin skeptics. However, in recent year has changed his take on the crypto market. O’Leary also claimed that he does not want to buy any ‘blood diamonds’ that are mined in China. Commenting on the recent fall of Bitcoin, he claimed that he would not sell his Bitcoin stash even if it crashed down to $20K.