The founder of Barstool Sports says he’s learned enough about cryptocurrencies to believe that Bitcoin (BTC) is here to stay.
In a new interview with Fox Business, Dave Portnoy tells host Stuart Varney that he now has “diamond hands” after buying over a million dollars worth of BTC.
[adinserter block="1"]“I bought 29 Bitcoins. I’ve been in and out of Bitcoin. I bought it when it was $11,000. I sold it the next day. I got mocked across the internet for doing that. People called me ‘paper hands.’
I was waiting for my re-entry point. Fool me once, shame on you. Fool me twice, shame on me.
I’m in for the long haul.”
Portnoy bought Bitcoin in 2020 at around the $11,000 level and sold it soon after for a loss. He has since been quoted lamenting the decision after Bitcoin surged over 500% in value prior to its recent pullback below $40,000.
According to a tweet from last Friday, Portnoy informed his 2.7 million followers that he bought more than 29.5 BTC at an average price of $36,924. His total cost was a fraction below $1.09 million.
A year ago, the Barstool Sports founder said he was staying away from cryptocurrencies because he didn’t understand the market. Now, he’s back in for good.
“Here’s what I have figured out – Bitcoin’s here to stay. It’s not going anywhere, it’s widely adopted. You saw main [street] institutions getting in. It’s the future.
I think you’re an idiot if it’s not part of your portfolio. Should it be all of it? Probably not.”
When pressed about Bitcoin’s long-term merits by Varney, who believes the top crypto is more like a “gambling chip” than a store of value, Portnoy responds,
“But it’s not going anywhere. Too many big players are in.
I get it on some of the smaller coins. I have SafeMoon (SFM) like I took a bath on Safemoon. I still hold that, but Bitcoin’s here to stay.
At some point, everything develops value.”
At time of writing Bitcoin is rallying in a big way, up over 10% to $41,429.
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/intueri
