Barstool Sports’ Portnoy Wants to Invest in Bitcoin
Barstool Sports founder and president Dave Portnoy expressed his intention on Twitter to purchase up to $10 million worth of Bitcoin with funds from the company. However, he specified that this investment will only happen if Bitcoin reaches a particular price level that he deems suitable.
Portnoy’s Bitcoin Investment Criteria
- Portnoy stated that he plans to invest millions in Bitcoin if the price falls to the $40,000 range, but not if it remains in the $60,000s.
- He clarified that he already holds a substantial amount of personal Bitcoin.
- Bitcoin’s current price is above $60,000 after significant volatility following its peak above $73,000 in March. The last time it was below $50,000 was in February.
Responses to Portnoy’s Bitcoin Plan
- Crypto Twitter traders cautioned Portnoy on his potential investment and recommended adopting a dollar-cost averaging approach.
- Dollar-cost averaging involves consistent investments regardless of asset price fluctuations to mitigate volatility impact.
- Various crypto investors employ this strategy instead of attempting to predict market movements.
Portnoy’s Love-Hate Relationship with Bitcoin
- In February 2021, Portnoy adamantly stated he would never buy Bitcoin.
- He later acknowledged Bitcoin’s rise from $11,000 to $51,000 but indicated that he still refused to invest in it.
- Portnoy then publicly praised Bitcoin holders who saw the value reach $60,000, admitting that he made a mistake by not holding onto his Bitcoin investment.
Portnoy’s Bitcoin Confession
Portnoy took to Twitter in March to congratulate those who profited from Bitcoin’s rise to $60,000 but admitted that he had sold his Bitcoin too soon, expressing regret for his decision.
Hot Take
If you are considering investing in Bitcoin, make sure to conduct thorough research, understand the market dynamics, and consider utilizing a dollar-cost averaging strategy to manage volatility effectively. Remember, the decision to invest in cryptocurrencies requires careful consideration and risk assessment.
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