Dave Portnoy, the founder of Barstool Sports, has expressed his reservations about purchasing bitcoin at its current price but is open to accepting the cryptocurrency as a form of payment. In a recent interview, Portnoy revealed that he received bitcoin from the crypto exchange Kraken as part of a sponsorship deal, highlighting his belief in the digital currency.
Portnoy, known for his outspoken nature, stated that he is hesitant to buy bitcoin at its current high price of over $60,000. However, he emphasized that he is willing to accept BTC as a payment method. He shared that a significant portion of his compensation from Kraken was paid in bitcoin as part of their sponsorship of his “Davey Day Trader Global” live stream in February. Portnoy expressed his strong belief in bitcoin, stating, “I believe in it that much.”
Portnoy’s involvement with bitcoin dates back to August 2020 when he first entered the crypto market with guidance from Gemini co-founders Cameron and Tyler Winklevoss. Although he initially bought bitcoin, he later experimented with altcoins, but ultimately regretted those investments. After selling his bitcoin holdings, he re-entered the market in February 2022, purchasing 29 BTC for $1 million. Unfortunately, he sold his BTC during the FTX collapse in November 2022, missing out on potential profits as the price surpassed $52,000. Portnoy currently holds bitcoin and plans to invest $5 million to $10 million in the cryptocurrency if its price drops to $40,000. He also believes that Barstool should own bitcoin.
In a recent episode of his “Davey Day Trader” podcast, Portnoy discussed cryptocurrency investments and stressed that bitcoin is the only cryptocurrency worth investing in. Reflecting on his negative experiences with other cryptocurrencies, which he labeled as scams, Portnoy advised caution and reiterated his trust in BTC.
During the interview, Portnoy acknowledged his hesitation to buy a large amount of bitcoin at its current price, fearing potential losses. He expressed his concern about regretting the decision if the price were to decrease significantly. Portnoy also speculated that bitcoin’s value could skyrocket if pro-bitcoin Republican Donald Trump wins the U.S. presidential election in November, while acknowledging his frequent inaccuracies in making predictions.
What are your thoughts on Dave Portnoy’s stance on bitcoin? Let us know in the comments section below.
