El Pres blames LINK Marines
Over the past 24 hours, we have seen Dave Portnoy (El Pres) leave the cryptocurrency space, while many people are saying this could be one of the major reasons we are seeing a LTF pullback, the more notable takeaway from El Pres is that he blames his reasons for leaving the space mainly on the LINK marines and not specifically Bitcoin itself.
El Pres said on his daily live stream 'It was not the Bitcoin itself, it was the LINK and Orchid people that killed me', he has expressed how much the LINK price action has killed him over the past few days after his meeting with the Winklevoss twins, in which they got El Press to put 20% of his capital into LINK after it was already up 500% in a few weeks...
The fact that El Pres was buying LINK above $17 is fucking ridiculous in my opinion and the timing on his buy was not optimal, to say the least. Probably a wise idea to close his position and it seems he has already saved himself some losses, as after announcing he was done with crypto the market has now seen a pretty harsh low timeframe pullback.
The takeaway from all this, in my opinion, is that religious-like communities in the crypto space like the LINK marines and the XRP maximalist do nothing productive for the space, the price is the price and having a community that goes around attaching people is probably not best for growth. The other important thing to remember is that buying an overpriced project after it has run more than 500% in the past few weeks is not so great.
El Pres has said that he might get back into the Bitcoin scene, just due to the fact that he enjoys the memes but is done with LINK and has no further interest in investing. It has been a pretty fun 24 hours, in my opinion, watching the LINK marines make memes about how weak El Pres's hands are and how he is a terrible investors is hilarious. Like I have said, personally, I think buying between $10-$12 seems like fair value for the project right now in my opinion, this being calculated from just raw price action and technical analysis.