Barstool Sports founder Dave Portnoy has expressed his hesitation to buy bitcoin at its current price but is open to accepting BTC from Kraken as payment.
He disclosed that he accepted bitcoin from crypto exchange Kraken as part of a sponsorship deal, highlighting his belief in the cryptocurrency.
Dave Portnoy Embraces Bitcoin Payments
Dave Portnoy, founder of Barstool Sports, stated in an interview, published Thursday, that while he is reluctant to purchase bitcoin at its current high price of over $60,000, he is willing to accept BTC as a form of payment.
He shared that he received a significant portion of his compensation from Kraken in bitcoin as part of the crypto trading platform’s sponsorship of his “Davey Day Trader Global” (DDTG) live stream in February.
Portnoy underscored his commitment to bitcoin as a payment method, stating:
“I believe in it that much.”
Portnoy’s history with BTC dates back to August 2020, when he first entered the crypto market with advice from Gemini co-founders Cameron and Tyler Winklevoss. Initially buying bitcoin, he later experimented with altcoins but regretted those investments.
After selling his bitcoin holdings, he re-entered the market in February 2022, purchasing 29 BTC for $1 million.
However, he sold his BTC during the FTX collapse in November 2022, missing out on potential profits when the price exceeded $52,000.
Portnoy currently owns bitcoin and plans to invest $5 million to $10 million in the cryptocurrency if its price drops to $40,000. He also said Barstool should own bitcoin.
During his “Davey Day Trader” podcast on July 1, Portnoy discussed cryptocurrency investments, emphasizing that bitcoin is the only cryptocurrency worth investing in.
Reflecting on his negative experiences with other cryptocurrencies, which he labeled a scam, Portnoy advised caution and reaffirmed his trust in BTC.
In the recent interview, Portnoy remarked on his hesitance to buy a large amount of bitcoin at its current price, fearing potential losses. He said:
“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 further speculated that bitcoin’s value could skyrocket if pro-bitcoin Republican Donald Trump wins the U.S. presidential election in November, while admitting his frequent inaccuracies in predictions.
What do you think about Dave Portnoy’s stance on bitcoin? Let us know in the comments section below.
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