Portnoy noted that he “got around” on Bitcoin while performing on Thursday.Varney & Co.“His updated stance was shared in response to Donald Trumps Comments on the cryptocurrency three days earlier, as the former president told the 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 in the world out there. I think they should regulate them very, very high. ” Trump told Varney on Monday adding, “It takes away the dollar’s advantage and importance.”
Portnoy said when Bitcoin first appeared, “I wasn’t far from Donald.”
“When Bitcoin was first introduced, I thought for a long time that it was a Ponzi scheme,” he continued. “I got it, and for whatever reason it started, at this point it’s too widely accepted; there is [sic] too many people use it, too many great people believe in it, too many businesses accept it. Liquidity is available. You can get on and off easily. ”
“I don’t know how it started, but I certainly wouldn’t say it’s a scam now,” he said.
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E.||22.82||+0.12||+ 0.54%|
Bitcoin has fallen from its record high of $ 64,829 to $ 36,000 levels, but is still up around 27% through Thursday, according to Coindesk.
Portnoy noted that one has to be patient with Cryptocurrencies and be there “for the long game”.
Bitcoin and other cryptocurrencies remain unregulated within the US financial system.
Portnoy said the only cryptocurrencies he has invested money in are Bitcoin and SafeMoon.
Last month, Portnoy discussed his bullish views on the SafeMoon cryptocurrency with Varney. He stated in a video that he bought $ 40,000 of the coin and told Varney last month, reiterating on Thursday that he intended to keep the cryptocurrency for years.
Portnoy said back in May that he did a little research and liked the “SafeMoon concept” before buying the crypto, noting that it has been “a wild ride” since then.
On Thursday, he told Varney that he was “down 50%” but would never sell his holdings to SafeMoon.
“I said I was going to do it for the long term – so it’s been a bit of a rocky road, but that’s the nature of the beast when you’re into these types of coins,” Portnoy told Varney. “SafeMoon will eventually land on the moon and I’ll be there to throw a yacht party, but it’s downstairs.”
He then determined that he was not losing interest in crypto currencies despite being “down”, and pointed to them Bitcoin 2021 conferenceheld in Miami, Florida over the weekend as evidence that people are taking an interest in cryptocurrency.
Conference organizers estimated about 50,000 people Visited to talk about Bitcoin’s rapid growth and its potentially bright future.
Portnoy said he did not attend the conference but did mention that he saw many people out on the streets, in restaurants and nightclubs for the Miami event.
“Everything was busy,” Portnoy said to Varney. “People used crypto.”
“Crypto is going nowhere,” Portnoy concluded, although he admitted that “it’s hard to brag about how great everything goes when you’re 50% off.”
Suzanne O’Halloran of Fox Business contributed to this report.