Dave Portnoy finds himself watching Bitcoin’s value soar above $52,000, berating himself for not holding onto his coins. If he had kept them, his investment would have grown by approximately 75%, resulting in a staggering profit of $750,000.
“Barstool should have possessed Bitcoin. When I left the company, I should have purchased $10 million worth of bitcoins. I’m infuriated with myself. I can never get over the blunder I made with bitcoins; it’s an utter disaster,” expressed the frustrated trader.
Last February, Penn Entertainment acquired Barstool Sports from Portnoy. However, the contract between Penn Entertainment and Barstool Sports was terminated in August, returning ownership of the company back to Portnoy.
In response to Portnoy’s lament, Microstrategy Chairman Michael Saylor emphasized the commonly accepted rule: buy Bitcoin and hold, don’t sell. Portnoy addressed Saylor’s comment, explaining that he had not initially intended to sell his bitcoins but rather wanted to mitigate potential losses due to the collapse of the FTX crypto exchange. Unfortunately, in the process, Portnoy forgot to switch back.
In August 2020, the Barstool Sports founder met with the Winklevoss twins, the founders of Gemini crypto exchange, and made his first Bitcoin purchase. However, Portnoy eventually sold his bitcoins, only to re-enter the market in February 2022 by acquiring 29 BTC for approximately $1 million.
Admitting his initial skepticism towards Bitcoin, Portnoy has since developed strong confidence in the cryptocurrency throughout 2021.