Barstool Sports’ founder, Dave Portnoy, has found a lot of fame in the social media world of finance. His rise to fame in this world started with the very intense and entertaining videos of himself day trading stocks, trading large amounts of capital. This became known as “Davey Day Trader Global” or DDTG.
Entry to Crypto
Given his level of fame on social platforms (Twitter followers: 1.7M), the crypto-community has been eager to see him onboard this novel and volatile asset class. Earlier this month, he released a video showing interest in entering but did not understand how Bitcoin worked or any of it for that matter. He asked the Winklevoss twins to help explain it to him and then begun releasing DDTG crypto videos. The first of which was this one.
— Dave Portnoy (@stoolpresidente) August 17, 2020
Exit from Crypto
Although his show got sponsored by BlockFi, crypto isn’t for everyone. The hectic 24/7/365 world is hard to stomach for many, especially day traders. His exit was fast and swift, but as we’ll see now did not last long.
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. #bitcoin
— Dave Portnoy (@stoolpresidente) August 21, 2020
A prominent figure on crypto-twitter: Crypto Cobain took it upon himself to assert his dominance over this space which made this entire journey more humorous.
Re-entry to Crypto
The reactions he has received from many has made him reconsider entering once again “just for the memes”.
A More Serious Note
While this is very likely all social media gimmicks and ploys, the reality of new traders that enter the crypto-space is not very far off from this. Their first entry makes them realise how difficult and hectic this space is, but leaves many with an addiction; an addiction that some people have turned highly profitable.