Dan Bilzerian’s penchant for automatic weapons,

high-stakes poker, fast women, and faster cars have made him an unfiltered internet phenomenon. Now you can add go ahead and bitcoin BTCUSD, +3.10%  to his list. Bilzerian told his 22.3 million Instagram followers on Wednesday afternoon that he “just bought a sh*tload of Bitcoin” and that “it’s so crazy watching that sh*t f**king go up it’s like... betting a bunch of money on the Super Bowl.” Do you trust this guy’s judgment?

Bilzerian, of course, knows all about betting a bunch of money. He once claimed he won $50 million over the course of a year playing poker. He also said that he flipped a coin for $2.3 million and lost. So, yes, Bitcoin sounds about right, considering the cryptocurrency’s volatility. On Thursday, Bitcoin rallied to yet another record high and has now jumped almost 50% in the last week alone. Since last year, Bitcoin has surged more than 400%. As you can see, however, Bilzerian’s endorsement didn’t exactly thrill many of the investors frequenting Reddit’s Bitcoin group:

“If that’s not a sign of a bubble IDK what is lol.”  “NORMIES INCOMING!”  “F**k I just sold some because of this, not even joking.” Does Bilzerian’s post, indeed, mark a potential top for bitcoin, like a cab driver tipping you off about the next hot semiconductor stock?  Who knows, but he has backed a winning long shot before.

Chuck Reynolds
Contributor
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