Dave Portnoy, founder and owner of Barstool Sports, has recommended that investors focus on bitcoin for their crypto investments.
“I’ve learned that the hard way,” he said, reflecting on lessons from his past crypto investing experiences. Portnoy recently declared his intention to purchase more bitcoin if its price declines substantially.
Barstool’s Dave Portnoy Offers Crypto Investing Advice
Dave Portnoy, founder of Barstool Sports, offered crypto investment advice during his Davey Day Trader podcast on July 1, where he responded to a viewer’s question about cryptocurrency. “The only crypto anybody should be involved in is spelled B-I-T-C-O-I-N,” Portnoy said, adding:
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,” the Barstool owner continued, cautioning: “You have to know you’re probably getting rug pulled going in. It’s all a Ponzi scheme. Only bitcoin.”
Portnoy entered the cryptocurrency market in August 2020 with the help of Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, who guided him through purchasing his first BTC.
However, Portnoy later ventured into altcoins, including safemoon, and eventually regretted those investments.
The Barstool Sports founder subsequently sold his bitcoin but re-entered the market in February 2022, purchasing 29 BTC for approximately $1 million.
However, in February this year, he disclosed that he sold his BTC during the collapse of crypto exchange FTX in November 2022.
“For the record, I didn’t mean to sell it. I didn’t want to lose it when FTX collapsed so I was testing to make sure my exchange was liquid and forgot to switch it back,” he claimed.
When the price of bitcoin climbed above $52K, Portnoy said: “Barstool should have owned bitcoin … I should have bought like $10 million of bitcoin. I’m so mad at myself about bitcoin. I should be up like 75% in bitcoin. I should be up $750,000 in bitcoin.”
Last week, Portnoy revealed that he “already personally owns bitcoin.”
However, he emphasized that if the price of BTC falls to the $40,000 range, he intends to invest $5 million to $10 million using Barstool funds.
What do you think about Dave Portnoy’s crypto investing advice? Let us know in the comments section below.
