A tweet from Dan Bilzerian that initially seemed to be harmless has marked the beginning of yet another Twitter feud within the cryptocurrency and poker community. Both poker stars are cryptocurrency investors with large social media following but their approaches to the trade differ significantly. While Doug Polk prefers to invest in crypto for the long term, Bilzerian likes to dip in and out of the crypto market depending on prevailing coin prices.
Last year in December, the price of bitcoin soared to an all-time high of nearly $20,000 but this was short-lived as the price of bitcoin plummeted significantly in the following months – as of now, it sits somewhere below $10,000. Before its price rose to its all-time high in the last few weeks leading up to 2018, the price of bitcoin was much lower. In May, for instance, it peaked at around $2,500 and that is when Bilzerian bought a good number of the digital currency. He later cashed out after bitcoin’s price had begun dropping from its all-time high in December – he sold them at $16,500 which was certainly a huge profit margin for the wealthy playboy.
The feud begun after Polk, who also happens to have a cryptocurrency YouTube channel with close to 200,000 subscribers, responded to a tweet by Bilzerian that read “Time to get back to crypto.” Polk, in his response, stated that “If you ever have to get back into crypto then you are doing it wrong,” and so began the feud.
On April 25 hit back with a tweet saying, “Selling my bitcoin at 16,500 was wrong huh? Plz tell me what else I’m doing wrong you dumb s**t, make sure to use my name so people pay attention to you.”
The bitter exchange between the two mainly revolved around decision making in both poker and cryptocurrency. It is safe to say that Polk has some resentment for the ‘buy low, sell high’ philosophy which Bilzerian seems to favor.
“Professional poker players know that just because a decision is profitable, it doesn’t mean it was the correct one. Doesn’t surprise me you don’t realize that.” Polk wrote on April 25.
Members of both the poker and cryptocurrency communities are allowed to take whichever side they prefer particularly because the issue is more subjective than everyone would like to admit. Nevertheless, Polk firmly believes that the value of cryptocurrencies will increase over time and therefore “trying to time the market will be on average an inferior strategy.” This thought is shared by quite a number of people but, like we said, it is a subjective issue. You may or may not agree.