Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
With no sports in sight for the foreseeable future, Barstool Sports founder Dave Portnoy decided back in March to livestream himself trading a $3 million E-Trade account.
So far, Portnoy has had a rough go of it. But while his “Stock Central” podcast has lacked in profitability, it has delivered plenty of entertainment and education.
Highlights of Portnoy’s market missteps include him going long Lululemon Athletica Inc (NASDAQ:LULU) ahead of its earnings report only to see the company beat consensus expectations but still trade lower.
“LULU beats earnings and goes down? That is simply not fair. I can only control what I control,” Portnoy said at the time.
On April 3, a day the SPDR S&P 500 ETF Trust (NYSE:SPY) surged 6.7%, Portnoy was short Boeing Co (NYSE:BA), which gained 19.4%. He was also long Luckin Coffee (NASDAQ:LK), which dropped 18.4% on the day.
See Also: Why The Stock Market Is Performing Better In 2020 Than It Did In 2008
On Wednesday morning, Barstool tweeted a compilation video of Portnoy’s journey since jumping into the market:
“Anybody can do this game” #DDTG #STONKS pic.twitter.com/lmukYW5DAR
— Barstool Sports (@barstoolsports) April 15, 2020
Benzinga’s Take
Hopefully Portnoy’s venture in the market was mostly for entertainment’s sake while the sports and sports gambling world is on lockdown. While Portnoy’s followers have given him a hard time about his lackluster performance as Davey Day Trader up to this point, Portnoy’s experiences are not uncommon for brand new day traders.
In fact, Ritholtz Wealth Management CEO Josh Brown retweeted the video and said Portnoy's experience encapsulated "everyone’s first year of trading."
Do you agree with this take? Email feedback@benzinga.com with your thoughts.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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