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Barstool Sports kingpin Dave Portnoy is experiencing a serious case of crypto regret, wishing that he hadn’t sold his bitcoin. He also wishes that his company, Barstool, had invested $10 million in the crypto. “I’m so mad at myself about bitcoin. I should be up like 75% in bitcoin,” he stressed. However, Portnoy revealed to Microstrategy’s executive chairman, Michael Saylor, that he didn’t mean to sell his crypto. “I was testing to make sure my exchange was liquid and forgot to switch it back,” he claimed.
Dave Portnoy Laments Over Missed Bitcoin Gains
Barstool Sports creator and owner of Davey Day Trader Global (DDTG), Dave Portnoy, admitted that he made a serious mistake by selling his bitcoin in a video he posted on social media platform X on Friday.
As he watched BTC climb above $52K, he stressed repeatedly: “God damn, I f*** myself with bitcoin.” Emphasizing, “I’ll never get over what I’ve done with bitcoin, just a total debacle,” Portnoy exclaimed:
Barstool should have owned bitcoin. The second I got Barstool back, I should have bought like $10 million of bitcoin. I’m so mad at myself about bitcoin. I should be up like 75% in bitcoin. I should be up $750,000 in bitcoin.
Hey @stoolpresidente, everybody knows the rules:
1. You buy #bitcoin.
2. You do not sell your #bitcoin.pic.twitter.com/nGu46IwHdl— Michael Saylor⚡️ (@saylor) February 16, 2024
Barstool Sports, a digital media company owned by Portnoy, was sold to Penn Entertainment in February last year. However, in August, Portnoy announced that Penn Entertainment had ended its relationship with Barstool Sports and had divested ownership of the company back to him.
Portnoy’s bitcoin video sparked numerous comments, with many encouraging him to buy now as they believe BTC has further room for price growth.
Microstrategy’s pro-bitcoin executive chairman, Michael Saylor, chimed in on Portnoy’s bitcoin lament, responding with the message: “Everybody gets bitcoin at the price they deserve.” In another X post, Saylor echoed Portnoy’s signature “Everybody knows the rules” phrase from his Barstool Pizza Reviews but with a bitcoin twist: “Everyone knows the rules: 1. You buy bitcoin. 2. You do not sell your bitcoin.” He followed up with an encouraging message: “It is never too late to buy bitcoin my friend.”
Clarifying his bitcoin sale, Portnoy responded to Saylor:
For the record, I didn’t mean to sell it. I didn’t want to lose it when FTX collapsed so I was testing to make sure my exchange was liquid and forgot to switch it back.
Portnoy entered the crypto scene in August 2020 when he sat down with the founders of Gemini Exchange, the Winklevoss twins, who walked him through buying his first BTC. The Barstool founder later sold his bitcoin but re-entered the market in February 2022, acquiring 29 BTC for roughly $1 million. Crypto exchange FTX collapsed in November 2022.
What do you think about Barstool Sports founder Dave Portnoy lamenting over selling bitcoin and wishing that his company had invested $10 million in BTC? Let us know in the comments section below.