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Dave Portnoy to Invest up to $10M in Bitcoin for Barstool if This Happens

Portnoy ranted in the past over missing out on buying Bitcoin for Barstool Sports.

bitcoin in bag

In a live podcast on Friday, Dave Portnoy, the owner of sports-focused digital media company Barstool Sports, said he would buy around $5 million to $10 million worth of bitcoin (BTC) for his firm if the crypto asset drops to $40,000.

“I am going to take Barstool money and probably buy like $5 million, $10 million of bitcoin if it gets into the $40ks, not going to buy in the $60ks,” Portnoy said in a podcast organized by his other platform Davey Day Trader Global (DDTG). 

The DDTG owner has in the past ranted about not buying bitcon for Barstool. In February, he stated in a YouTube podcast that he should have bought BTC for his firm when he reclaimed ownership. Portney sold Barstool Sports to Penn Entertainment in February 2023, but the takeover ended six months later.

Portoney Keen on Not Screwing up on Bitcoin Again

The Barstool owner has had a bitter experience owning bitcoin. Portnoy bought $1 million worth of BTC at $32,000 in February 2022. However, he lost all of them due to a costly mistake during the FTX meltdown. 

According to him, he mistakenly sold all his BTC held at trading platform Gemini while trying to confirm that the crypto exchange still allowed withdrawals. Portnoy ended up losing more than half of the initial investment as he unknowingly sold around the market bottom at $16,000.

Portnoy seems poised not to miss out on an opportunity to buy Bitcoin at a bargain again. However, it is unlikely that Bitcoin will reach that price, as analysts have pointed out multiple factors that could mean the crypto asset has bottomed.

Bitcoin continued to hover around $61,000 on Friday after pushing above $62,000 during the Trump-Biden presidential debate. At press time, Bitcoin was trading at $60,945, down 1.65% in the past 24 hours and over 5% in the past week.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.