Barstool Sports creator, Dave Portnoy, has expressed his reluctance to invest in bitcoin at its current high price, which exceeds $60,000. However, he has indicated his willingness to accept the cryptocurrency as a form of payment. Portnoy revealed that he received a substantial portion of his compensation from Kraken in the form of bitcoin as part of the crypto exchange's sponsorship of his "Davey Day Trader Global" (DDTG) live stream in February. This move underscores his strong belief in the potential of bitcoin as a payment method, as he stated, "I believe in it that much."
Portnoy's involvement with bitcoin dates back to August 2020, when he initially entered the crypto market with guidance from Gemini co-founders Cameron and Tyler Winklevoss. Although he later dabbled in alternative cryptocurrencies, he expressed regret over those investments. After selling his bitcoin holdings, he re-entered the market in February 2022, purchasing 29 bitcoins for $1 million. Despite this, he sold his bitcoins during the FTX collapse in November 2022, missing out on potential profits as the price exceeded $52,000. Currently, Portnoy owns bitcoin and plans to invest $5 million to $10 million in the cryptocurrency if its price drops to $40,000. He also suggested that Barstool should possess bitcoin.
During a podcast of "Davey Day Trader" on July 1, Portnoy emphasized that bitcoin is the only cryptocurrency worth investing in, reflecting on his negative experiences with other cryptocurrencies, which he labeled as scams. He advised caution and reaffirmed his trust in bitcoin.
In a recent interview, Portnoy expressed his hesitance to purchase a large amount of bitcoin at its current price due to the fear of potential losses, stating, "I'd just hate myself. If I buy it right now, a ton of it, and it goes down, we'll have a problem in my brain." He also speculated that bitcoin's value could soar if pro-bitcoin Republican Donald Trump wins the U.S. presidential election in November, while acknowledging his frequent inaccuracies in predictions.
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