Dave Portnoy, the owner of Barstool Sports, is suffering from severe cryptocurrency remorse and wishes he hadn’t sold his bitcoin. Additionally, he wishes Barstool, his company, had made a $10 million cryptocurrency investment. “I’m really upset with myself over bitcoin. I should have about 75% more bitcoin now,” he emphasized. But Portnoy told Michael Saylor, the executive chairman of Microstrategy, that he didn’t want to sell his cryptocurrency. “I forgot to switch it back while I was testing to make sure my exchange was liquid,” he said.
Dave Portnoy Bemoans Lost Bitcoin Profits
In a video he uploaded on social media platform X on Friday, Barstool Sports creator and proprietor of Davey Day Trader Global (DDTG), Dave Portnoy, acknowledged that he made a grave error in selling his bitcoin.
He expressed this repeatedly: “God damn, I f*** myself with bitcoin” as he saw BTC rise past $52K. “It’s a complete disaster, and I’ll never get over what I did with bitcoin,” Portnoy declared emphatically:
Bitcoin ought to have belonged to Barstool. I should have bought ten million bitcoins the moment I got Barstool back. I’m furious with myself for using bitcoin. I should have about 75% of my bitcoin back. I ought to have $750,000 in bitcoin now.
Penn Entertainment purchased Portnoy’s digital media business Barstool Sports in February of last year. On the other hand, Portnoy declared in August that Penn Entertainment had severed its ties with Barstool Sports and returned control of the business to him.
Many of the comments on Portnoy’s bitcoin video encouraged him to buy now because they thought there was still room for price rise.
In response to Portnoy’s lament over bitcoin, Michael Saylor, the executive chairman of Microstrategy and a proponent of the cryptocurrency, tweeted, “Everybody gets bitcoin at the price they deserve.” Saylor referenced Portnoy’s famous line from his Barstool Pizza Reviews in another X post, adding a bitcoin twist: “Everyone knows the rules: 1. You buy bitcoin.” 2. You don’t give up on bitcoin. With a supportive comment, he replied, “My friend, it’s never too late to purchase bitcoin.”
Saylor was addressed by Portnoy, who clarified his bitcoin sale:
Just to be clear, my intention was not to sell it. I was checking to make sure my exchange was liquid and forgot to switch it back since I didn’t want to lose it when FTX crashed.
In August 2020, Portnoy first became involved in the cryptocurrency world when he had a meeting with the Winklevoss twins, the owners of Gemini Exchange, who assisted him in purchasing his first Bitcoin. The creator of Barstool subsequently sold his bitcoin, but in February 2022 he bought back 29 BTC for about $1 million. FTX, a cryptocurrency exchange, crashed in November 2022.
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