Dave Portnoy wrote that he already owns the first cryptocurrency, but the current bitcoin price range — above $ 60,000 — is not quite suitable for additional coin purchases. The crypto trader believes that a drop in BTC to $40,000 will provide more profitable opportunities, so he intends to use the monetary resources of Barstool Sports to capitalize on this potential drop.
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, 2024Bitcoin is currently trading above $61,000 per coin. In the last few months, the flagship cryptocurrency has been subject to strong volatility: in March, bitcoin reached a new record high above $73,000, although back in February it was below the $50,000 mark.
In February 2021, Portnoy announced that he would never buy bitcoin. As he put it at the time, bitcoin is the only thing that does not fall, and keeps at around $51,000, although it once cost $11,000. Despite his skepticism about the first cryptocurrency, with this statement, Portnoy recognized the profitability of BTC, and over time his confidence in the cryptocurrency only grew.
Later, the crypto enthusiast congratulated bitcoin investors who were able to hold their coins until the BTC exchange rate reached $60,000. The crypto trader stated that he "screwed up" and that he had "paper hands", because he dropped his positions at the first manifestation of risks. Recently, the Tailor said that he still regrets the sale of bitcoins and lost profits.