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Dave Portnoy, the founder and owner of Barstool Sports, has advised investors to concentrate on bitcoin for their cryptocurrency investments.
“I’ve learned that the hard way,” he remarked, reflecting on insights gained from his previous experiences in crypto investing. Portnoy recently expressed his plan to acquire more bitcoin if its price experiences a significant drop.
Barstool’s Dave Portnoy Provides Crypto Investment Guidance
During his Davey Day Trader podcast on July 1, Dave Portnoy shared his cryptocurrency investment insights in response to a viewer’s inquiry. “The only crypto anyone should engage with is spelled B-I-T-C-O-I-N,” Portnoy stated, adding:
I’ve learned that the hard way.
“If you aim to make quick profits, do not come to me complaining if you get rug pulled in any crypto like I did with safemoon,” the Barstool owner continued, warning: “You must understand you’re likely getting rug pulled from the start. It’s all a Ponzi scheme. Only bitcoin.”
Portnoy entered the cryptocurrency space in August 2020, assisted by Cameron and Tyler Winklevoss, the founders of the crypto exchange Gemini, who guided him in acquiring his first BTC.
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However, Portnoy later explored altcoins, including safemoon, and ultimately regretted those decisions.
The Barstool Sports founder subsequently sold his bitcoin but re-entered the market in February 2022, purchasing 29 BTC for around $1 million.
In February of this year, he revealed that he sold his BTC during the downfall of the crypto exchange FTX in November 2022.
“For the record, I didn’t intend to sell it. I didn’t want to lose it when FTX collapsed, so I was testing to ensure my exchange was liquid and forgot to switch it back,” he stated.
When the price of bitcoin rose above $52K, Portnoy remarked: “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 disclosed that he “already personally owns bitcoin.”
However, he stressed that if the price of BTC drops to the $40,000 range, he plans 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.
