Prominent 'Gold Bug' Peter Schiff insists that eccentric millionaire David Portnoy, Founder of the media platform Barstool Sports, will be the last 'big name' to enter the Bitcoin (BTC) realm.
The Last Bitcoin (BTC) Explorer
Today, the entire Crypto Twitter community was excited by the ignominious end of Mr. Portnoy's blockchain journey. Recently, Portnoy claimed that he would rather 'watch and wait' after losing $25,000 due to the ongoing correction within the cryptocurrencies market. However, five hours later, Portnoy's stated explicitly:
I’m out on crypto because coins don’t always go up. Stocks on the other hand continue to always go up.
This decision was applauded by the most acerbic cryptocurrencies critics, including legendary investor Peter Schiff of the investment firm Euro Pacific Capital. Mr. Schiff highlighted that no celebrity would try to repeat Portnoy's experience.
Furthermore, the 'big names' will also try get out of their crypto bags. To start with, Mr. Schiff recalled billionaire hedge fund manager Paul Tudor Jones (PTJ):
While @stoolpresidente was the last big name to get into #Bitcoin he was the first to get out. I predict the next big name to bail will be Paul Tudor Jones. Jones is a great trader who knows when to cut his losses and run. He took a shot, but won't back the wrong horse for long.— Peter Schiff (@PeterSchiff) August 22, 2020
Peter Schiff admitted that Mr. Jones is a great trader who can 'take a shot', but his love story with Bitcoin (BTC) won't last long.
Will PTJ toss aside his Bitcoins (BTC)?
Paul Tudor Jones II, a top-level asset manager and well-known macro trader, confessed about storing '1 or 2 %' of his net worth in Bitcoin (BTC), which caused a mighty furor within the crypto segment.
In May 2020, Jones announced that Bitcoin (BTC) was a 'great speculation', but its credibility surged day by day. Speaking to CNBC, PTJ admitted that Wall Street is right now witnessing the 'birthing of a store of value', referring to one of the most bullish Bitcoin (BTC) narratives.
Thus, the forecast by Peter Schiff challenges the Bitcoin (BTC) community. For instance, Christopher Jaszczynski, Co-Founder of MMCrypto, alleges that Mr. Jones may have already benefited from the king coin's price fluctuations:
Paul Tudor Jones doubles down on these #Bitcoin dips like a champ
As previously covered by CryptoComes, Dave Portnoy was heavily disappointed by the painful correction within the crypto markets, specifically the breakdowns from the impressive upmoves of Chainlink (LINK) and Orchid Protocol (OXT).