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Dave Portnoy Buys $200,000 in Bitcoin – As a Total Crypto Noob

Last Updated March 4, 2021 2:45 PM
Simon Chandler
Last Updated March 4, 2021 2:45 PM
  • Dave Portnoy has bought $200,000 in bitcoin and $50,000 in chainlink in a video with the Winklevoss twins.
  • Portnoy bought the crypto despite understanding almost nothing about Bitcoin.
  • The video also sees the trader plan his own “DaveCoin,” and accept the idea that Elon Musk will soon crash gold by mining it on asteroids.

Dave Portnoy has bought crypto in a bizarre “crash course” video with the Winklevoss twins. Posted to Twitter, the clip shows the trader trying — and failing — to get his head around cryptocurrencies, before buying $250,000 in bitcoin and chainlink regardless.

The clip also sees Portnoy accept the Winklevoss twins’ belief that Elon Musk will crash the price of gold in the not-too distant future, by mining billions of dollars’ worth of the metal on various asteroids.

The video ends with Portnoy outlining vague plans for his own “DaveCoin” cryptocurrency. While discussed half-jokingly, he suggests that he would build it on Ethereum and pump it aggressively, before dumping it.

Dave Portnoy Doesn’t Get Bitcoin, But Buys It Anyway

Writing on Twitter, Dave Portnoy declared he is now the “Baron of Bitcoin.”  Why? Because he spent approximately eight minutes talking about crypto with the Winklevoss twins, before trading $250,000 for bitcoin and chainlink.

The video starts with Dave Portnoy reminding viewers that he’d taken a dim view of Bitcoin in the past. He has apparently never understood how bitcoins are “mined,” among other things.

I still don’t understand it. People say you can ‘mine’ for it, I don’t understand what that means.

Portnoy then goes on to ask a variety of silly questions based on his confused background understanding of Bitcoin.

Give me the background of Bitcoin. Satachi’s [sic] the guy who, like, which I don’t trust, this is a mythical man who invented this?

The Winklevoss twins attempt to explain Bitcoin and crypto to Portnoy as simply as possible. But the video shows Portnoy still getting hung up on the term “mining.”

Alright, I understand, you have a set number of bitcoins. What are people talking about when they’re mining the internet. That to me makes like, no… Like, what does that mean? How can you mine the internet for bitcoins?

Despite not really understanding anything, Portnoy nonetheless splashes out $250,000 on crypto. $200,000 of this is spent on bitcoin, while the remaining $50,000 goes towards chainlink.

So there you have it: despite hardly understanding crypto, Dave Portnoy is a Bitcoin investor.

Dave Portnoy bitcoin buy mockery tweet
More than one Twitter user picked up on the fact that Portnoy bought bitcoin without understanding it. | Source: Twitter 

Mockery, Elon Musk And Gold. Also, DaveCoin

Dave Portnoy’s followers on Twitter were understandably quick to make fun of the trader’s video.

Dave Portnoy Bitcoin tweet
A Twitter user mocks Portnoy’s willingness to buy bitcoin after only a very brief chat with the Winklevoss twins. | Source: Twitter 

But the fun didn’t end with Portnoy buying bitcoin in a thinly veiled ad for the Winklevoss’ Gemini exchange. It also saw the twins turn Portnoy on to the idea that Elon Musk will soon mine billions of dollars’ worth of gold on Earth-orbiting asteroids.

So there’s billions of dollars of gold floating on asteroids around this planet, and Elon’s gonna get up there, and it’s gonna fall from the sky, and it’ll be as plentiful as sand.

This will crash the price of gold, with Bitcoin remaining the only reliable store of value in town. Portnoy scratched his chin as the twins explained this. It was this argument — which is based on actual research missions  — more than anything else that seemed to win the trader over.

Portnoy became so enamored with crypto that the video ends with him discussing very informal plans for a “DaveCoin.”

I’ve heard people be like, ‘Dave, because you have this following, create your own coin … pump it, dump it, do whatever.’ I could make a shit-ton by having a Dave Portnoy coin.

So you’ve been warned: watch out for the next “Bitcoin killer”, DaveCoin.