Barstool Pres Dave Portnoy Disapproves of Elon Musk's Selling of $272 Million USD Worth of Bitcoin

“Buy low, sell never!”

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Dave Portnoy aka “El Pres” of Barstool Sports is cheesed at Elon Musk‘s, or rather, Tesla’s decision to “dump” its Bitcoin cryptocurrency. Revealed in Tesla’s Q1 2021 earnings, the electric car manufacturer revealed that it sold $272 million USD worth of BTC out of the $1.5 billion USD in Bitcoin it bought back in February — when prices were floating around $40,000 USD.

Portnoy tweeted, “So am I understanding this correctly? @elonmusk buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune. Listen I own 1 #Bitcoin but #bitcoin is exactly who we thought it was. Just don’t be last 1 #HODLing the bag.” To which musk responded with, “No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

Now regarded as the “Bitcoin Baron” Portnoy also put out a video explaining that he’s simply protecting the cryptocurrency as a Bitcoin holder and expressing his displeasure towards “lettuce hands” and pump-and-dumps. He also released an official statement below adding to the situation. Either way, this sale of Bitcoin from Tesla’s end contributed to a record quarterly net income of $438 million USD.

In other crypto news, there’s actually an 18+ traded cryptocurrency called CumRocket.

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