Barstool Sports activities Founder Dave Portnoy Returns to Bitcoin With $1.1M Buy

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Dave Portnoy, founder and CEO of sports activities and popular culture weblog Barstool Sports activities, purchased 29.5 bitcoins for $1.1 million on Friday, returning to a market he as soon as mentioned he didn’t “belief.”

“F***ed round and acquired 29 bitcoins at present,” the inventory market dealer introduced on Twitter. Portnoy spent $36,924 for every bitcoin (BTC), on the common. He took benefit of bitcoin’s 40% decline from its Nov.10 all-time-high of $69,000 to leap again into the market.

Many within the cryptocurrency business welcomed Portnoy again into bitcoin, with MicroStrategy chief government officer Michael Saylor main the pack of those who did so, tweeting: “Welcome again to Workforce Bitcoin.”

Portnoy’s love-hate relationship with bitcoin

The 44-year-old American blogger has had a love-hate relationship with BTC. In August 2020, Portnoy mentioned he didn’t “belief this [bitcoin] market in any respect” after he misplaced $25,000 and threatened “by no means [to] come again.”

He had earlier spent round $1 million on bitcoin and Chainlink (LINK), when BTC traded at $11,500. However when costs started to fall some two weeks later, Portnoy panicked and offered all his bitcoin at a lack of $25,000.

“I’m by no means shopping for bitcoin. By no means. By no means-never. I don’t consider a factor about it,” he proclaimed in a video final February. “However I do suppose it’s worthwhile. I feel with sufficient steam, that it might simply proceed to go up endlessly, however I don’t purchase the underlying junk behind it.”

Portnoy seems to have re-entered the market sooner or later between April and Could 2021, as he took a pot-shot at Elon Musk, accusing the Tesla CEO of “flip-flopping about bitcoin.” He had simply offered all his Dogecoin (DOGE) and acquired one bitcoin at $48,000 after Tesla mentioned it was investing in BTC.

Portnoy additionally put $40,000 into Safemoon. That funding is now price below $4,000 at present market costs.

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