Popular daytrader David Portnoy has revealed that he is now invested in Orchid (OXT) just days after being introduced to Bitcoin and Chainlink by the Winklevoss twins.
The 43-year-old founder of Barstool Sports broadcast his latest choice during a live stream on Monday, which has a peak of 4,000 viewers.
He admitted that he used Gemini to purchase the OXT before saying that he “doesn’t care” if it’s a pump-and-dump.
Portnoy’s comments on pump-and-dumps alluded to the lack of regulatory enforcement across the industry by the SEC.
Everyone knows you don’t say what crypto you’re about to buy until you’ve cryptonized it. #DDTG https://t.co/LFAqzkkkmC
— Dave Portnoy (@stoolpresidente) August 17, 2020
“The thing I like about pump-and-dumps in crypto is that it’s encouraged. I don’t do that in the stock market because there’s those little SEC guys. In crypto, you can pump and dump all day long, so I’m not going to tell you what I’m doing until I’ve done it.” He said.
While it’s entirely likely that the comments were made in jest, it’s worth noting that the SEC has clamped down on a number of celebrities who have appeared to endorse cryptocurrencies in the past.
In November 2018 professional Boxer Floyd Mayweather was charged alongside DJ Khaled for unlawfully advertising an ICO.
The price of OXT has become extremely volatile since Portnoy’s live stream, with it rising by 22% in a matter of minutes before plunging by 16% just moments later.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.