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.
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“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.
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