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How Dave Portnoy Became A Bitcoin Maximalist

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How Dave Portnoy Became a Bitcoin Maximalist

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Founder of Barstool Sports and rookie stock market trader Dave Portnoy said in a statement that he “would not buy anything but bitcoin.”

Many have speculated about Bitcoin’s importance in the greater ecosystem, to eventually change their minds and capitulate. Portnoy has become another juggernaut in the world as the founder of a growing media company and being invited to interview President Donald Trump. He bought ~29.5 bitcoin in January, at just over $1 million (at least that’s the stack that we know about).

Portnoy Has Evolved on Bitcoin

Before the January purchase Portnoy was not a major supporter of bitcoin (BTC), stating that he would never buy it under any condition. He said that he does not believe in the worth of the digital currency after losing around $25,000 in his investment.

“But I do think it’s profitable. I think with enough steam, that it may just continue to go up forever, but I don’t buy the underlying junk behind it,” Portnoy said at that time.

However, the American internet celebrity’s views changed a few months later in early 2021 when bitcoin (BTC) was touching new heights. At that time, he hinted that he is waiting for a good price to buy Bitcoin.

The founder of Barstool Sports eventually bought a handful of bitcoin in January. Bitcoin evangelists such as Michael Saylor, the CEO of MicroStrategy, welcomed him to “team Bitcoin.” Saylor’s firm purchased 480 bitcoin at an average price of $20,817 per coin.

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