SafeMoon will eventually land on the moon and I will be there to throw a yacht party when it does, but it’s down.”
He subsequently noted that he is not losing interest in cryptocurrencies despite having been “down,” and pointed to the Bitcoin 2021 conference, which took place in Miami, Fla. over the weekend, as evidence that people are gaining interest in the cryptocurrency.
Conference organizers estimated about 50,000 people attended to talk about Bitcoin’s rapid growth and potentially promising future.
Portnoy said he did not attend the conference, but mentioned he witnessed many people who were in Miami for the event out in the streets, at restaurants and nightclubs.
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“Everything was busy,” Portnoy told Varney.
Concerns investors will lose faith in the crypto following Tesla’s sell-off
Tesla’s bitcoin sell-off has analysts concerned, after the company dumped $936 million worth of crypto, or 75% of its total holdings.
Following the news – the crypto’s price dropped and gains seen just last week were brought back down to earth.
So now the world’s biggest EV manufacturer has dropped the majority of its Bitcoin stake, should we all be doing the same?
On an earnings call, Musk said his company dumped its holdings due to the uncertainty around China’s Covid lockdowns.
He noted it’s important for Tesla to maximise its cashposition during this difficult economic period.
“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate.
Trump says bitcoin is a scam
He stated in a video that he had purchased $40,000 of the coin and told Varney last month and reiterated on Thursday that he planned on holding on to the cryptocurrency for years.
Portnoy said back in May that he’d done a bit of research and liked the “concept of SafeMoon” before purchasing the crypto, noting that, since then, it has been “a wild ride.”
GOOGLE TO ACCEPT CRYPTOCURRENCY EXCHANGE, WALLET ADVERTISEMENTS IN AUGUST
On Thursday, he told Varney that he was “down 50%,” but was never going to sell his holdings in SafeMoon.
“I’ve said I am doing it for the long term – so it’s been a little rocky road, but that’s the nature of the beast when you get involved with these types of coins,” Portnoy told Varney.
Trump says bitcoin is a scammer
Donald Trump called Bitcoin a scam during his interview with Fox News.
Today, Donald Trump called Bitcoin a scam during his interview with Fox News. His comment comes after the news of El Salvador’s president making Bitcoin and other cryptos legal. Furthermore, the former US President reiterated his old stance against Bitcoin saying,
Bitcoin is a scam.
I don’t like it. Seems like another currency competing against the dollar.
It can be recalled, Trump had a similar stance calling Bitcoin and other crypto assets are just scams facilitating unlawful activities.
Trump says bitcoin is a scambi
SHOULD YOU BUY THE CRYPTO DIP? 3 THINGS TO KNOW
TickerSecurityLastChangeChange %COINCOINBASE GLOBAL INC.93.05+4.15+4.67%BITQEXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E8.90+0.14+1.60%
Bitcoin has fallen from its record high of $64,829 to the $36,000 level, but is still up around 27% year-to-date as of Thursday, according to Coindesk.
Portnoy noted that you have to have patience with cryptocurrencies and be in it “for the long game.”
Bitcoin and other cryptocurrencies remain unregulated within the U.S. financial system.
Portnoy shared that the only cryptocurrencies he has money invested in are Bitcoin and SafeMoon.
Last month, Portnoy discussed his bullish views on the cryptocurrency SafeMoon with Varney.
So it was important for us to maximise our cash position.”ELON MUSK
But does this really stack up? Or is it just an excuse following a nice rally?
Up until Wednesday, the last week had been good for Bitcoin, gaining 12 per cent in just seven days.
While other cryptos including ethereum and solana surged even more dramatically.
Musk says his company is still open to increasing bitcoin holdings in future.
But some analysts predict other big investors will use Tesla’s bitcoin sale as a justification to offload their own digital coins and send the price even lower.
“We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin.
Trump says bitcoin is a scamec
I think they should regulate them very, very high,” Trump told Varney on Monday adding, “it takes the edge off of the dollar and the importance of the dollar.”
Portnoy said when Bitcoin first surfaced, “I wasn’t too far off from Donald.”
“I thought when Bitcoin was first introduced and for a long time that it was a Ponzi scheme,” he continued. “I’ve come around on it and whatever reason it started for, at this point, it’s too widely accepted; there’s [sic] too many people using it, too many big people believe in it, too many stores accepting it. There’s liquidity. You can get in and out of it easily.”
“I don’t know what it started as, but I certainly wouldn’t say it’s a scam now,” he stressed.
Near the end of the interview, this is what Trump had to say about investing in the stock market and in Bitcoin:
“I have not invested in the stock market at this moment. I have in the past but I have not at this moment. I think it’s high. Bitcoin — it just seems like a scam. I was surprised.
You know, with us, it was six thousand and much lower.
“I don’t like it because it’s another currency competing against the dollar; essentially it’s a currency competing against the dollar. I want the dollar to be the currency of the world. That’s what I’ve always said.“
“The currency of this world should be the dollar.
Fox Business, Monday, complaining that it’s competing against the US dollar, which he wants to be the “currency of the world.”
During an interview on Fox Business, host Stuart Varney asked Trump for his thoughts on the popular cryptocurrency and whether he would invest in it.
“Bitcoin, it just seems like a scam,” Trump declared, adding, “I don’t like it because it’s another currency competing against the dollar.”
“I want the dollar to be the currency of the world. That’s what I’ve always said.”
Trump has repeatedly shot down cryptocurrencies in recent years, accusing them of facilitating “unlawful behavior, including drug trade and other illegal activity.”
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he said on Twitter in July 2019.
Barstool Sports founder and CEO Dave Portnoy said he thought Bitcoin was a “Ponzi scheme” when the cryptocurrency was first introduced, but he “certainly” wouldn’t say Bitcoin “is a scam now.”
Portnoy noted that he has “come around” on Bitcoin in a Thursday appearance on “Varney & Co.” His updated stance was shared in response to Donald Trump’s comments on the cryptocurrency three days prior when the former president told host Stuart Varney it seemed like a “scam.”
“The currency of this world should be the dollar. And I don’t think we should have all of the Bitcoins of the world out there.
“It just seems like a scam,” Trump whined. “With us, it was $6,000 and much lower. I don’t like it because it’s another currency competing against the dollar. Essentially, it’s a currency competing against a dollar.
I want the dollar to be the currency of the world. That’s what I’ve always said.”
Indeed, Trump has been uncharacteristically consistent in his opposition to cryptocurrencies, saying in 2019: “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
As it happens, Bitcoin and other cryptocurrencies are very much behind the recent, rapid accumulation of cyber-wealth among neo-Nazis and other ultra-rightwing nationalist movements.
“Game,” as the saying goes, “recognize game.” It is for this reason that when Donald Trump calls the cryptocurrency Bitcoin a “scam,” we have to entertain the notion that perhaps, in a rare instance of lucidity, the lifelong grifter and former president of the United States might actually be onto something.
As part of his recent return(ish) to public(ish) life, Trump appeared on Monday for a phone interview with Fox Business Network’s Stuart Varney, where — true to form — he spent his time waxing rhapsodic about whatever ideas managed to claw themself into his frontal lobe. Luddite cybersecurity? Big fan. West Virginia Democratic Sen.