Barstool Sports Founder Dave Portnoy Returns to Bitcoin With $1.1M Purchase



Dave Portnoy, founder and CEO of sports activities and popular culture weblog Barstool Sports activities, purchased 29.5 bitcoins for $1.1 million on Friday, returning to a market he as soon as mentioned he didn’t “belief.”

“F***ed round and purchased 29 bitcoins right now,” the inventory market dealer introduced on Twitter. Portnoy spent $36,924 for every bitcoin (BTC), on the common. He took benefit of bitcoin’s 40% decline from its Nov.10 all-time-high of $69,000 to leap again into the market.

Many within the cryptocurrency business welcomed Portnoy again into bitcoin, with MicroStrategy chief government officer Michael Saylor main the pack of those who did so, tweeting: “Welcome again to Group Bitcoin.”

Portnoy’s love-hate relationship with bitcoin

The 44-year-old American blogger has had a love-hate relationship with BTC. In August 2020, Portnoy mentioned he didn’t “belief this [bitcoin] market in any respect” after he misplaced $25,000 and threatened “by no means [to] come again.”

He had earlier spent round $1 million on bitcoin and Chainlink (LINK), when BTC traded at $11,500. However when costs started to fall some two weeks later, Portnoy panicked and bought all his bitcoin at a lack of $25,000.

“I’m by no means shopping for bitcoin. By no means. By no means-never. I don’t imagine a factor about it,” he proclaimed in a video final February. “However I do assume it’s worthwhile. I believe with sufficient steam, that it could simply proceed to go up perpetually, however I don’t purchase the underlying junk behind it.”

Portnoy seems to have re-entered the market in some unspecified time in the future between April and Could 2021, as he took a pot-shot at Elon Musk, accusing the Tesla CEO of “flip-flopping about bitcoin.” He had simply bought all his Dogecoin (DOGE) and purchased one bitcoin at $48,000 after Tesla mentioned it was investing in BTC.

Portnoy additionally put $40,000 into Safemoon. That funding is now value underneath $4,000 at present market costs.

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