barstool sports - Pwim.Net

Winklevoss Twins Brief David Portnoy on Bitcoin, BTC Talks Continue

American internet celebrity David Portnoy officially hosted the Winklevoss twins for a long-due conversation regarding Bitcoin (BTC) and cryptocurrencies.

Barstool Celebrity and Winklevoss Talk Bitcoin

Initially calling out the Gemini co-founders in an August 4 Twitter video, Portnoy took to his social media and released a video begging the Winklevoss Bitcoin billionaires to come over to teach him about the cryptocurrency market, repeating numerous times that he didn’t know anything about BTC. He said that he had invested in bitcoins at some point and that he lost the cryptos, jokingly saying that his “20 grand was just sitting somewhere in the Ether.”

The Barstool Sports founder and stocks enthusiast resorted to his usual antics on his Twitter platform and implored the Winklevoss twins to “make it simple.” He said that if they could just show him how to “do it,” invest in Bitcoin in a strategic way, then he will most definitely buy BTC.

Cameron and Tyler Winklevoss both responded to the Davey Day Trader’s video amicably and Portnoy hosted the Bitcoin advocates in a podcast released yesterday.

Winklevoss Billionaire, Always a Bitcoin Fan

Not only does founding the global crypto exchange Gemini count among their exploits, but Winklevoss twins are also known to be the first Bitcoin billionaires. Needless to say, they have both been huge advocates of Bitcoin, which is the largest cryptocurrency on the market, valued north of $11,700 at the time of writing.

The twins have both on numerous counts leveraged their social media presence to educate their followers on the advantages of investing in BTC.

With the US’ economic stimulus strategy in light of the global economic downfall and COVID-19, Tyler Winklevoss had publicly tweeted that the Federal Reserve was continuously “setting the stage for Bitcoin’s next bull run.”

With the Federal Reserve having to print money to deliver economic stimulus relief and the US dollar consequently depreciating in value, Winklevoss is saying that this will in turn drive the price of Bitcoin up on the crypto market.

Bitcoin Emerges from Slump

Winklevoss’ faith in the cryptocurrency has proven to be a self-fulfilling prophecy, as Bitcoin recently emerged from a long slump and has slowly regained its place on the market, creating quite a buzz on Wall Street.

Bitcoin has finally surged past the $11,500 mark for the first time since last September. Cryptocurrency investors worldwide have the utmost faith in BTC, which is the most dominant and valued cryptocurrency on the market. Despite the recent bull run and Bitcoin dropping after having pushed past the $12,000 mark point twice, experts and crypto enthusiasts like the Winklevoss are adamant on Bitcoin still shining and on its future potential on the crypto market.

Wall Street veteran Raoul Pal even publicly stated that according to his predictions, “Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.” Bitcoin enthusiasts are optimistic about the cryptocurrency, despite the global stock market entering “bubble territory” for the first time since 2018, with the ongoing inflation of the US dollar.

DeFi Rules

In parallel to Bitcoin, there has been a recent surge in popularity in the decentralized finance (DeFi) industry, with DeFi altcoins outperforming BTC. Chainlink (LINK) and Band Protocol (BAND) have both witnessed double-digit gains, with LINK altcoins reaching an all-time high on Binance, capping at $14.0551, and reaching fifth place on CoinMarketCap.

“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.

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.”