“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”— Warren Buffett
Turning the Tables
Well, well, well… look who took the dive into bitcoin and crypto, if not Dave Portnoy, the prolific founder of Barstool Sports as well as DDTG (Dave Day Trader Global), who just so happened to be a main character in the last episode of FED MADNESS. In the past week, he began making waves across social media talking openly about his intent and interest to buy bitcoin as well as learn more about “blockchain” and “crypto.” This is a very pivotal alliance that will prove to be a formidable move in the rebellion versus the Empire of Blue Checkmarks and Pin-Stripped Suits on Wall Street.
Barstool Brand and Bitcoin
Bitcoin receiving the Barstool Sports brand’s stamp of approval courtesy of the “El Pres” himself, Dave Portnoy, brings a massive audience of day traders, gamblers, and sports fanatics. It is a powerful partnership considering the guests and news that he and his company have hosted as well as generated lately from his interview with President Donald Trump to Miley Cyrus on the Call Her Daddy show plus the hiring an NFL hall-of-famer Deon “Prime Time” Sanders in addition to talking bitcoin and crypto with the Winklevoss brothers. The twins portrayed in the Social Network know the value of them given their experience at the genesis of Facebook as well as understand the value bitcoin and crypto, meaning they also know why having a brand like Barstool and Dave’s brings quite a lot of potential value from the addition of many new eyeballs and users. DDTG being an aggressive trader and wanting to capture the value that opportunity made the investment decision to trade dollars for Bitcoin (BTC), Ethereum (ETH), and ChainLink (LINK).
Full Disclosure: I have held positions in these assets for several years and still believe in their future.
DDTG meeting the Bitcoin Billionaires
Dave, as the leader of the DDTG gang of day traders and loyal stoolies, met with the Winklevoss twins popularly known as the first bitcoin billionaries in his Montauk home office to discuss bitcoin including blockchain and crypto too. Long story in short of how they came to find bitcoin and their claim to fame, Cameron and Tyler originally went on to buy bitcoin using much of their Facebook settlement money after their spat with Mark Zuckerberg discovering it over a random discussion that was accompanied by some tequila shots with an entrepreneur in Ibiza before going on to buy about 1 percent of all bitcoin and founding an exchange that would help other people gain access to buying and selling bitcoin and crypto naming their platform “Gemini.” Seeing those two paired with Dave Portnoy’s DDTG to help market their assets, exchange, and ideas about open-source software as well as transparent payment networks is monumental because in principle it is helping onboard new users to bitcoin and crypto assets while correlating to them appreciating in value accordingly with classic network effects as demand for alternative forms of money and scarce digital assets are increasing with inflation on the future horizon.
Teaming up with the Winklevii
At the start of the DDTG live stream last week after introducing himself and his familiarity with bitcoin and crypto to the twins, Portnoy mentioned his Twitter rant video from three years ago detailing him not knowing next to nothing about it then and admittedly shared that he still does not fully comprehend the way it works today. Tyler and Cameron put his worries at ease explaining that bitcoin is “gold for the Internet” and even though its creator, Satoshi Nakamoto, is unknown and seemingly mythical the open-source code speaks for itself. Quickly he learned and saw firsthand how simple it is to create an account with a bitcoin and crypto exchange like Gemini as well as linking his bank account “seamlessly” to it, and then it was off to the races for DDTG to start trading bitcoin and crypto even noting how much easier and faster it was than a traditional brokerage account like he has been using to trade stocks.
Learning the Force Inherent to Bitcoin and Crypto
After quelling his initial concerns, the brothers explained the mining process that confused Dave by putting it into terms he and his audience understand in saying that it is a process of ensuring transactions on the bitcoin network are valid ensuring nobody is counterfeiting or double-spending any funds by active nodes dedicating their computing power to essentially act as the referee (if they do a good job, they get paid with a block reward). Getting around to the notion that investing in bitcoin and crypto could bring a fortune like it did the Winklevosses, DDTG is aiming to become the next bitcoin billionaire while also helping more people striving to be like him make more money and protect their wealth. The talks really took a turn when the two brothers jokingly floated the idea of asteroid mining being the downfall to gold’s value due to its supply not being fixed like bitcoin’s with the Jeff Bezos, David Cameron, and Elon Musk-types heading to space seeking to monetize it from not only travel but also resource mining posing a risk that would “make it rain gold from the sky.”
Learning the Way of the Jedi
It hopefully is going to be a long and rewarding foray into bitcoin and crypto for DDTG and the gang against the cohorts of “Suits.” Dave when asking both Cameron and Tyler if he should pour all of his money into bitcoin, they both answered in unison responding before bursting into laughter, “Yeah, pretty much!” Putting his money where his mouth is after rationalizing with them about not knowing how email entirely works albeit it does whether they do or do not understand the technology’s mechanics, Portnoy made an initial investment of $150,000 into bitcoin, $50,000 into ether, and another $50,000 into ChainLink’s token for a total of $250,000 in both bitcoin and crypto aspiring to “make a million” in his first month.
Bottom of the First Innning for Bitcoin, Top for Crytpo and DeFi
Seeing that an increasing amount of smart people are becoming invested as well as more involved in bitcoin and crypto, the impression is that they know something that others do not, but the reality is simply that bitcoin is more scarce than US dollars or gold that gives it value and crypto creates use cases that can build additional with applications value on top of the core protocols. There is no reason for any fear missing of out because it is a long way still for bitcoin to disrupt the markets for gold and money, and crypto and its decentralized finance (“DeFi”) counterparts are only getting started with digital “stablecoins” vying to replace fiat paper money in the open-source finance movement towards more fair and transparent marketplaces.
A New Breed of Money
Barstool Sports and DDTG are making serious moves into bitcoin and crypto making a lot of sense for them in particular seeing the potential network effects in addition to a plethora of synergies because of their relationship to gaming, gambling, and sports. Together, bitcoin and crypto, are a new breed of money and value offering greater accessibility, higher security, and faster payments to millions of people, not just day traders and stoolies but major companies as well as institutions also, embodying freedom from corrupt and maligned powers. In the war against the Suits, they are backing the best horse by buying bitcoin that surpasses normal intelligence, speed, and security of traditional assets being a censorship-resistant, decentralized, digital, divisible, durable, electronic, immutable, open-source, peer-to-peer, permission-less, portable, programmable, psuedonymous, scarce, state-less, trust-less, unseizable, verifiable, and worthwhile store of value.
You need strong hands to HODL, to the moon!