After investing more than $1 million in Bitcoin, Barstool’s Dave Portnoy says he’s in it for the long haul

Barstool Sports’ founder claims to have studied enough about cryptocurrencies to believe Bitcoin (BTC) is here to stay.

Dave Portnoy tells Stuart Varney of Fox Business that he now has “diamond hands” after buying over a million dollars worth of Bitcoin.

“I purchased 29 Bitcoins.” I’ve gone in and out of the Bitcoin market. It was $11,000 when I acquired it. The next day, I sold it. That got me mocked all over the internet. ‘Paper hands,’ they called me.

I was eagerly anticipating my re-entry point. If you manage to fool me even once, you should be ashamed of yourself. If you can fool me twice, you should be ashamed of yourself.

“I’m in for the long term,”

Portnoy purchased Bitcoin in 2020 for roughly $11,000 and promptly sold it for a loss. He has now been cited as regretting the decision as Bitcoin’s value soared over 500 percent before falling below $40,000 recently.

Last Friday, Portnoy tweeted to his 2.7 million followers that he had purchased more than 29.5 bitcoins at an average price of $36,924. His entire cost was somewhat less than $1.09 million.

The founder of Barstool Sports declared a year ago that he was avoiding cryptocurrency because he didn’t understand the market. He’s back in for good now.

“Here’s what I’ve discovered: Bitcoin is here to stay.” It’s not going away; in fact, it’s becoming increasingly popular. You noticed main [street] institutions getting in. It’s the twenty-first century.

If it’s not in your portfolio, I think you’re a idiot. Is it necessary to provide everything? “I doubt it.”

When asked about Bitcoin’s long-term prospects by Varney, who believes the top cryptocurrency is more akin to a “gambling chip” than a store of value, Portnoy says,

“However, it isn’t going away.” There are far too many major players involved.

Some of the smaller coins have it. SafeMoon (SFM) has me feeling like I’ve taken a bath on Safemoon. That is still my opinion, but Bitcoin is here to stay.

Everything develops worth at some point.”

At the time of writing, Bitcoin is up over 10% to $41,429, indicating a strong rally.

 

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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