The founder of the digital media company Barstool Sports, Dave Portnoy, announced to his followers on the social network X that he intends to buy bitcoins worth up to $10 million with the company’s money. But only if the rate of the first cryptocurrency falls to $40,000.
Dave Portnoy wrote that he already owns the first cryptocurrency, but the current price range of Bitcoin – above $60,000 – is not entirely suitable for additional purchases of coins. The crypto trader believes that BTC’s fall towards $40,000 will present better opportunities, so he intends to use Barstool Sports’ cash resources to capitalize on this potential decline.
I already personally own #Bitcoin but if it dips down into the 40s I’m planning to buy $5-10m of Bitcoin with Barstool money #DDTG pic.twitter.com/nkrdPf7y6s
— Dave Portnoy (@stoolpresidente) June 28, 2024
Bitcoin is currently trading above $61,000 per coin. The flagship cryptocurrency has seen a lot of volatility over the past few months, with Bitcoin hitting a new all-time high above $73,000 in March after hovering below $50,000 back in February.
In February 2021, Portnoy stated that he would never buy Bitcoin. As he put it at the time, Bitcoin is the only thing that is not falling, and remains at $51,000, although it was once worth $11,000. Despite his skepticism about the first cryptocurrency, with this statement Portnoy acknowledged the profitability of BTC, and over time he Confidence in cryptocurrency only grew.
The crypto enthusiast later congratulated Bitcoin investors who were able to hold on to their coins until the BTC price reached $60,000. The crypto trader said that he “screwed up” and that he had “paper hands” because he dumped his positions when the risks first appeared. Portnoy recently said that he still regrets selling bitcoins and lost profits.
