Dave Portnoy, Barstool Sports’ founder, admitted he lost $700,000 trading stocks on Sept. 8, expressing the importance of “strong hands.”
“To steal a line from my crypto friends — you can’t have weak hands,” Portnoy said in a Sept. 8 Twitter video. “If you have weak hands, this game is not for you.”
Weak hands refers to someone selling their trading or investing position out of fear after (or during) a price decline. Stocks have suffered declining prices recently, including today, on which Portnoy boasted of his hand strength.
“Do ya see my hands shakin?” Portnoy said. “I’m down 700 grand,” he added. “I’m lovin it, because it was too easy the way I was stompin the suits,” he said of his proclaimed success over mainstream finance.
Contrary to his statedly strong hands in stocks, Portnoy showed the opposite during his short stint in the crypto space. Portnoy exited Bitcoin after losing $25,000 on the asset. Responding to the Barstool founder’s Bitcoin exit, one Twitter member said: “How do you hold pizza with those weak hands?”
To be fair, however, the trader expressed contentment in his stock trading, exiting BTC due to his lack of knowledge on the asset, paired with the lack of time he wanted to spend learning crypto trading.