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Dave Portnoy’s Crypto Wake-Up Call: Stick to Bitcoin, “I Learned it the Hard Way.”

Last Updated July 2, 2024 3:10 PM
Eddie Mitchell
Last Updated July 2, 2024 3:10 PM
Key Takeaways
  • Portnoy regrets selling his BTC which he claims would be 75% by now.
  • The influential Barstool Sports founder has an estimated net worth of $150 million
  • The Winklevoss Twins helped Portnoy purchase his first Bitcoin in 2020.

Barstool Sports founder, owner, and pizza reviewer Dave Portnoy has told viewers that Bitcoin (BTC) is the only cryptocurrency to invest in.

After entering the crypto market just four years ago, Portnoy may be experiencing some FOMO after selling his BTC back in 2022.

Only Bitcoin

During his “Davey Day Trader ” podcast on Rumble, American entrepreneur Dave Portnoy said that Bitcoin (BTC) is the only crypto to be involved with.

Reflecting on lessons learned from past crypto experiences, naming Safemoon as one, he recommended that investors focus on Bitcoin, saying:

“I’ve learned that the hard way. If you want to try to make quick bucks, do not cry to me if you get rug pulled in any crypto like I did with Safemoon. You have to know you’re probably getting rug pulled going in. It’s all a Ponzi scheme. Only Bitcoin.”

His bullish words come amid bearish market conditions and uncertainty, but Portnoy’s new-found BTC maximalism comes after Portnoy’s regrettable panic sell a couple of years ago.

Panic Hits Portnoy

Being an entrepreneur, Dave Portnoy is no stranger to risk. That said, he has had an on-and-off relationship with Bitcoin since entering the scene in August 2020. Notably, Gemini founders, the Winklevoss twins, walked him through his first purchase. Shortly after, he sold this initial investment.

After re-entering the market in February 2022 , acquiring some 29 BTC for $1 million at the time, Portnoy went on to panic-sell his Bitcoin. Portnoy explains that he feared the fallout from the FTX collapse in November 2022 could affect his holdings.

He notes that he didn’t intend to sell his BTC, he just wanted to “test” the liquidity of his exchange and “forgot to switch it back”.

In a February video, Portnoy watched BTC climb above $52k. In his reaction, Portnoy says that he and Barstool should have owned Bitcoin. He adds he should have purchased “$10 million of Bitcoin,” noting he should be up $750,00 in Bitcoin”. Evidently, it’s a decision he still regrets.

Back in the Game

Dave Portnoy has said that once again owns Bitcoin, and will purchase $5-10 million worth of the token if it dips into the $40k region.

It’s an interesting strategy, though many believe it’s unlikely that it will ever see that price again, and have urged him to simply buy more, and buy now.

Love him or hate him, Portnoy is more than just an outspoken pizza-chewing sports fan, he’s a highly influential major entrepreneur, investor, and media mogul with an estimated net worth of $150 million.

With some 3 million followers on his personal X account and a further 1.77 million Barstool Sports YouTube subscribers , Portnoy’s pro-Bitcoin comments have been seen by millions of viewers.

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