Day trader and Barstool Sports CEO Dave Portnoy took a gamble and invested $40K in Safemoon, a new altcoin, admitting he had no idea how it works other than it was one of a “new breed of sh*tcoins” and that it “could be a Ponzi scheme.” Portnoy said he chose the coin because he liked the fact that it had the word “moon” in its name.
Portnoy posted a video on Twitter captioned, “I have no idea how this works” that has received 2.5 million views. In it, he asked viewers to guess which coin he invested $40,000 in based on six hats laid out in front of him, representing six altcoins, which he labeled the “new breed of sh*tcoins.”
An internet celebrity blogger, Portnoy is the founder of the sports and pop culture blog Barstool Sports. “Don’t trust anything I say about stocks,” he disclaimed in the video.
Safemoon ranked as the No. 46 coin by market cap at $2.94 billion as of this writing, according to…