Mike Novogratz and Dave Portnoy Say Buy Bitcoin and Not Gold

[kryptqnick]

Bitcoin is easy to buy and hodl (honestly, it's easier for me to buy BTC than invest in gold). If one's being careful, it's also unlikely that one's BTC would be stolen. Gold might get stolen, but it's a safer bet because of the big marketcap, being around for a long time and being valued throughout human history. Bitcoin is riskier but more rewarding.
The argument (or maybe a joke) of Portnoy seems a bit ridiculous because it's unfounded. Gold can temporarily devaluate significantly if a lot of it is mined in a short period of time, but even if there is gold on asteroids and it can be mined, the expenses of this operation would probably be higher than the price of gold extracted from there.

[hatshepsut93]

"In a video posted on Portnoy’s Twitter feed, the twin brothers — who founded crypto exchange Gemini Trust — say Bitcoin has the potential to replace gold as a store of value. Their reasoning? They claim that Elon Musk has plans to mine gold from asteroids."

This was the part of that video where I was in awe. I frequently despise Reddit, but I've read FAR better bullish cases in there than this one. Probably even the "you can use bitcoin to buy drugs on the darknet markets" case is better than this one.

I hope the Winklevi were just meme-ing, but I definitely expected a lot more from them.

Just today Kurzgesagt, which is a really great youtube channel, made a video on asteroid mining - link. It's possible, but we are still decades from it, and probably even more from the point when it will start devaluing gold. Investing in something because it will suddenly become more valuable in 50 years is dumb, the investor will either be dead or so old that money won't matter much. It's better to operate on a scale of 5-10 years when thinking about long term.

[Sanugarid]

I like the "gold vs Bitcoin" debate although it's probably been overly discussed, but using this argument to convince someone to buy BTC through a hypothetical scenario that seems close to impossible for at least the next decade such as "Gold will replace Bitcoin" is nothing but nonsense.

I see this angle too, almost every week I see an open topic  about bitcoin and gold though it was discussed plenty of times before it still has its purpose, and that is to open someones mind of bitcoin and not just gold in terms of store of value and investment. And I might say yes, this topic won't be cleared in the entire advent of crypto, bitcoin will be mirrored as gold in digital form so that's maybe a turn on for the community.
Bitcoin was not made to replace any thing, it is added to the world to function in convenient way, stop with bitcoin replacing fiat and gold.

This is as close as it can get to new artists being told by their fans they're the new Eminem or something. Just doesn't make sense. Bitcoin will be different compared to gold, no matter how many similarities they have. It's probably going to go its own way and there will always be different advantages and disadvantages with both. Advertise Bitcoin for what it is.

The only reason why people are comparing bitcoin to gold is because of its price when in fact there is no really way to compare these two because bitcoin has a low denomination than gold. How do we compare these two? 1 gold bar vs 1 bitcoin?

[eaLiTy]

More institutional money flowing to bitcoin? It's obvious shilling, but we all know that they have a point here. And as much as majority here hates Mike N with his exorbitant predictions or sometimes gloom and doom, hehehe.

You have the answer to this, David Portnoy is an internet celebrity while Michael Novogratz invested majority of his asset in BTCitcoin and Ethereum and it is not surprising that they are shilling for the cryptocurrency market. The market is sustaining and recovering whenever there is a major sell off is because institutional investment is pouring into the market as they know that the market will rally in the coming months and it is a good sign for all the investors to earn the profit if you are smart enough to take advantage of the market situation.

[suvo05]

Those kinds of people often comment on TV or social media because they want to influence them. They don't want to share their secret ideas or anything. They somehow want to influence so that they get some beneficial result out of it. So I never trust those peoples.
But yes currently buying Bitcoin is a good choice and even gold too.

[pixie85]

"In a video posted on Portnoy’s Twitter feed, the twin brothers — who founded crypto exchange Gemini Trust — say Bitcoin has the potential to replace gold as a store of value. Their reasoning? They claim that Elon Musk has plans to mine gold from asteroids."

This was the part of that video where I was in awe. I frequently despise Reddit, but I've read FAR better bullish cases in there than this one. Probably even the "you can use bitcoin to buy drugs on the darknet markets" case is better than this one.

I hope the Winklevi were just meme-ing, but I definitely expected a lot more from them.

It's one of those buy Bitcoin because it's going to become the next Dollar when Dollar finally collapses.

Or another good one: store food under yor bed because one day the economy will collapse and you'll be starving.

Build a fallout shelter because you'll need a place to hide when they'll nuke the country.

Please!

[rexxarofmoknathal]

Novogratz loves to make predictions which usually turn out to be wide of the mark - gotta love a Bitcoin bull but I wouldn't go 'all in' on any of his recommendations tbh.

Fair enough the guy is optimistic but we cannot deny the fact that we are currently (or for some arguably soon to be) in a bull run. And despite gold increasing to a new whole level most probably because the pandemic pushed the average Joes into to buying gold to maintain assets value not many people know about the digital currency era.

While this is a bad thing in turn it provides great potential for further adoption and thus edging the value of this growing sector. In other words, I agree with Mike and he is right in suggesting that buying crypto in the long term will be more beneficial than buying gold.

[mk4]

So Dave Portnoy, whoever he is, got a boner out of nowhere in the last few days and now it's world changing? I'd really love to know if any of these quasi celebs have ever swayed anyone before. I guess it all mounts up in the end but it's still a bit daffy to witness.

It's all a publicity scheme. Dave Portnoy has been saying a lot of 'weird' stuff in the last few months like him saying he's better than Warren Buffett at investing and sumthin. No doubt really stupid statements, but he's been getting A LOT of media publicity which is safe to assume his main goal is.

His business, Barstool, which has sports betting, have been quite low lately due to the quarantines(no sports to bet on), so he has to grow his business one way or another.

[gentlemand]

Apparently in a recent livestream Our Dave has bailed on all of his crypto holdings including BTC after a couple of failed alt trades.

https://twitter.com/stoolpresidente/status/1296862194689290241

Goodbye, Dave. We hardly knew you. We knew enough to know you'd be a yellow-bellied biyatch.

I expect this to be standard trajectory of slebs for quite some time to come still. It makes the Winkies look a bit dim luring someone straight into shitcoin hell. I know they talked him down from a higher allocation but I would've talked him out of it completely.

[fiulpro]

Honesty one should never even compare these two things , yes both of them are Investments but at the same time they do sit on the opposite side of the spectrum.

If a person is genuinely looking to invest in something like Gold or Bitcoins , they need to ask themselves one thing :

Are they looking for a long term or a short term investment?

If they are looking for a long term investment , I do think the right thing to do is go for the bitcoins , but for the short term , the best thing to do would be Gold , since it would not decrease that much in price if encashing the investment is needed.

But then again there are stock companies offering Virtual Gold , it does give you limited freedom though. Bitcoins on the other hand completely eleminate the concept of a middle man and the concept of power , which gives people more freedom .

Bitcoins are the Gold of the Crypto world

[semobo]

Gold is not going to be devalued much even though it it mined from asteroid and bring back them to this world and there are lot of difficulties in it as well, where as bitcoin is going to get hike in terms of price when more people started using it so no need to choose one over another better choose both and for someone who wants storage of value gold is still better option than bitcoin.

[gentlemand]

https://twitter.com/alistairmilne/status/1296883893581357057

[rdbase]

^^
I like Mike Novogratz but I ultimately despise this self-proclaimed Baron of Bitcoin in the way he is just sh*tting on the bitcoin community in that tweet which Alistar had simply responded to him by saying "Thanks Bruh!" He sold all his (D)Link and got out while he still could with an ounce of decency to his name.

https://bitcointalk.org/index.php?topic=5269942.msg55040719#msg55040719

@Phoenix_PROG&Akopjpuge:
This is not a FUDding topic as the above member had clearly pointed out in their response.
This thread was intended to open the eyes of those who do not see what is going on with the sudden increase in price of this token due to the pump up in price by Dave Portney the so called Baron of Bitcoin with them making their first purchase of crypto just a matter of a few weeks ago and being FOMO'd into buying LINK by the influencing power of the owners of an exchange where he bought these coins from.
Just look what he did!
Dumped all of it at the sign of panic selling. It is not fudding, it is just an observation by going to their twitter account.

https://twitter.com/stoolpresidente/status/1296858421258526720
Just posted 10 minutes ago of creating this post and people are already saying in the comments on that tweet that has got to be a fake Dave Portney account.

If you haven't already figured it out:
I am a bitcoin maximalist. So a big F to this fud on LNK nonsense.
We will wait until the next all time high of BTC!

Because Broly says so!

And we have a winner!BTC

[tbterryboy]

Bitcoin and gold are good assets to invest in, I will choose bitcoin because that’s what I like, there are also people who will prefer gold, so it’s all about what works for you. Funny thing is that if you see people who are investing in gold they will also be bad mouthing Bitcoin and saying it’s not a good investment. It takes a high level of understanding for people to understand that both are good.

I am not the type of investor that just invest money in only asset. Before cryptocurrency I have been investing in stocks and mutual funds. When I came across cryptocurrency I first did my research to understand the asset and then I started investing in it. Every market is good, you just have to study and understand the market before you start buying it.

[rdbase]

^^
Just be a good investor and don't fomo in just like Portnoy did.
Some in the space are blaming him for this sudden downturn in the price because they sold all their holdings in a coin and probably did the same in his bitcoin holdings.
https://cointelegraph.com/news/barstool-sports-founder-unprepared-for-bitcoin-exits-after-25k-loss

I read the above article last week but then noticed another just showed up on the very same site yesterday.


https://cointelegraph.com/news/dave-portnoy-offers-to-save-bitcoin-and-chainlink

So now he wants to be the savior of bitcoin suddenly?

[buwaytress]

^^
I like Mike Novogratz but I ultimately despise this self-proclaimed Baron of Bitcoin in the way he is just sh*tting on the bitcoin community in that tweet which Alistar had simply responded to him by saying "Thanks Bruh!" He sold all his (D)Link and got out while he still could with an ounce of decency to his name.

I don't like any of these guys in suits, but neither do I dislike any of them very much. It's just common courtesy I have for everyone in the space, respect for the honest ones, admiration for the educators and then well, a smile and laugh for every opinion to ever come out from guys like them.

But I wouldn't mind one day to be able to lose some decency for a big chunk of money. Now if only we were all as privileged!

[Lizzylove1]

A gold way to reach out to the public about bitcoin, I am glad he gave some caution to new investors. I personally prefer going big in bitcoin than gold, but not to do without buying into some gold. Bitcoin has a better and a faster return than gold. A late investors in bitcoin has outperform in profit than gold old investors.

[goldade]

Mike Novogratz and Dave Portnoy Say Buy Bitcoin and Not Gold

In an appearance on Bloomberg Television, Novogratz — founder of Galaxy Digital Holdings Ltd. — said that although he sees gold climbing above its record highs, Bitcoin is still the more worthy investment because it’s “harder to buy” than the traditional haven. He said about 25% of his net worth is tied up in the cryptocurrency.

“It’s only got a $20 billion market cap, while gold is over $10 trillion,” Novogratz said of Bitcoin. “So it’s got a long way to go to catch gold in terms of just adoption.” Still, he doesn’t recommend beginners put in more than 1-2% of their money into the digital currency.

Barstool Sports founder Portnoy, meanwhile, was sold on the cryptocurrency after being pitched by Cameron and Tyler Winklevoss. In a video posted on Portnoy’s Twitter feed, the twin brothers — who founded crypto exchange Gemini Trust — say Bitcoin has the potential to replace gold as a store of value. Their reasoning? They claim that Elon Musk has plans to mine gold from asteroids.

In a tweet after his interview with the Winklevoss twins, Portnoy suggested he has bought $1 million worth of Bitcoin.

https://finance.yahoo.com/news/mike-novogratz-dave-portnoy-buy-211820610.html

More institutional money flowing to bitcoin? It's obvious shilling, but we all know that they have a point here. And as much as majority here hates Mike N with his exorbitant predictions or sometimes gloom and doom, hehehe.

Buying bitcoin instead of gold isn't a bad idea, however it is better to buy both. Bitcoin is not here to make gold worthless. In itself, gold has it's own worth and no matter the price of bitcoin, gold will always have it's worth.
It should also be noted that Mike Novogratz have always been bullish in his predictions concerning the price of bitcoin even though many of them have been false, so it is most likely that influenced his opinions.
The best thing to do is buy as much gold and bitcoins as possible

[Kelvinid]

They got power and money so they can said anything about bitcoin and gold. Who are they to make us fall for this type of speculation. It make no sense at all if they like that bitcoin price will pump up. I will stay away reading of this type of speculation. Newbies will fall down to this type of speculation and eventually trust what they say and start buying bitcoin. When bitcoin price dropping they will say bitcoin is a scam. The blame will at bitcoin not them.

They're not joking anyway. They would like to hype Bitcoin and so people will come into it, then the gold's price will dump in the opposite and take the opportunity.
They have a smart ass, tried to fool us. They might hype gold pretty soon and get profit from it.

It finds that they are manipulating us to think the gold is worthless. They have the name, easily can catch attention. Bitcoin is on the go and they are just playing on it. But anyway, I was happy having them, promoting Bitcoin and makes way to a Bullish market. That is what we want and people waiting for it.
Still, invest only the amount that we can afford to lose.

[MCobian]

Many people always compare between Gold and Bitcoin, even though they have something in common. Of course Bitcoin and Gold are different things.
My advice is better buy both, why should we choose one. But if we want to decide to buy something, we should understand what we are going to buy.
Do your research before deciding to buy Bitcoin or Gold, don't buy because of what other people say.