American businessman Dave Portnoy, the founder and owner of Barstool Sports, announced that if bitcoin drops to the $40,000 range, he will invest $5-10 million worth of BTC using Barstool funds. Portnoy stated that while he personally owns BTC, he wouldn’t use Barstool money to buy at the $60,000 level.
Portnoy’s Bitcoin Bet: Barstool Sports Founder Awaits $40K BTC Dip
Portnoy, widely recognized for Barstool Sports, a prominent sports and pop culture media company, has previously discussed bitcoin multiple times. He bought the cryptocurrency during the pandemic but sold it shortly afterward, regretting his decision as bitcoin’s value significantly increased post-sale. Since then, Portnoy has continually voiced his frustration over selling BTC prematurely.
In a video and post on X, Portnoy states, “I already personally own bitcoin but if it dips down into the 40s I’m planning to buy $5-10 [million] of bitcoin with Barstool money.” In the brief video, the Barstool owner declares he will refrain from buying BTC at the $60,000 level. “I already have a ton of personal bitcoin, so don’t get it confused.”
As of 11:30 a.m. EDT on Friday, BTC has declined by 1.6%, falling below $61,000 but remaining above $60,000. Some analysts speculate that BTC could reach the $50,000 level, though $40,000 might be overly ambitious. Portnoy’s intention to invest millions in bitcoin if the price drops illustrates a strategic effort to capitalize on market fluctuations. This underscores his confidence in bitcoin’s long-term value despite previous regrets and present market unpredictability.
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