American entrepreneur Dave Portnoy, founder of Barstool Sports, has revealed his intention to make a considerable investment in Bitcoin if its price declines to the $40,000 range.
Portnoy, known for his dynamic presence in the sports and pop culture media, shared that he would use Barstool funds to buy $5-10 Million worth of Bitcoin should this price point be reached.
Portnoy’s relationship with Bitcoin has been tumultuous. During the pandemic, he bought into the cryptocurrency, only to sell his holdings shortly afterward—a decision he has since regretted as Bitcoin’s value soared in the following months.
This time, Portnoy is determined to capitalize on a potential market dip, showing renewed confidence in Bitcoin's long-term potential.
In a recent video and post on X, Portnoy declared, “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.” He emphasized that while he holds substantial personal BTC, his strategy involves leveraging Barstool funds to make a larger investment at a more favorable price.
Dave Portnoy started his Bitcoin up-and-down process in the year 2017. His first investment was on the crypto exchange Gemini with the help of the Winklevoss twins. However, he later on sold his acquisition because of fluctuations in the market.
In early 2022, Portnoy purchased over $1m worth of cryptocurrency when it was at around $32,000. He later on, mistakenly sold all of them when Bitcoin was above $43,000.
Additionally, he invested $40,000 in SafeMoon, leading to legal complications and a significant decrease in value. The cryptocurrency community had mixed reactions, with some criticizing Portnoy and others offering encouragement.
MicroStrategy founder Michael Saylor advised against selling Bitcoin, while Bloomberg ETF analyst James Seyyfart found the incident distressing and humorous.
At the time of writing Bitcoin price was trading at $60,836 with an intraday gain of 0.87%. The 24-hour trading volume was 23.38 Billion with a market cap of 1.20 Trillion.
BTC has been trading in a consolidation phase for 122 days. At press, the BTC price is trading below the 20 and 50-day exponential moving averages showcasing weakness.
However, price have a strong support of 200-day EMA level and BTC has buyers support at the lower levels.
Dave Portnoy declared that he will buy Bitcoin using Barstool funds when the price falls to the $40,000 mark again. Though he had a rather volatile experience with Bitcoin in the past, Portnoy’s decision to invest a significant amount of money in it shows that he has a lot of confidence in the currency.
