Dave Portnoy Says Barstool Sports Will Buy Millions in Bitcoin—But Only If the Price Tanks

Barstool Sports founder and president Dave Portnoy took to Twitter on Friday to say that he intends to buy up to $10 million in Bitcoin with company money—but only if the top cryptocurrency hits his preferred price levels.

“I'm gonna take Barstool money and probably buy like $5 million, $10 million in Bitcoin if it gets into the [$40,000s],” Portnoy told his 3.1 million followers in a livestream. “I’m not going to buy in the [$60,000s].”

“I already have a ton of personal Bitcoin, so don't get it confused,” he added.

Bitcoin currently sits at a price just above $60,000, having experienced volatile price action the last few months since hitting a new all-time high price above $73,000 in March. It was last priced below the $50,000 mark in February.

Responding to Portnoy’s latest Bitcoin tweet, many Crypto Twitter traders told the brash investor to use caution in his latest investment push and to utilize a dollar-cost averaging strategy.

Dollar-cost averaging refers to an investment strategy where investors regularly (biweekly, monthly etc.) invest a fixed amount of money into a particular asset regardless of its price, reducing the impact of volatility. Some crypto investors utilize this type of strategy instead of trying to predict market movements.

Portney’s video message is the latest in the outspoken personality’s love/hate relationship with Bitcoin. In February 2021, Portnoy proclaimed, “I will never buy Bitcoin.”

"Bitcoin is the only thing that doesn't go down—$51,000. Bitcoin is fucking $51,000, and $11,000 [last] August. Jesus Christ," Portnoy said at the time, "I'm never buying Bitcoin. Never. Never-never. I don't believe a thing about it," he said while also acknowledging the asset’s profitability.

That March, Portnoy took to Twitter again to congratulate Bitcoin investors who held onto their investment until it reached $60,000, saying that he “fucked up” and had paper hands.

"I want to congratulate all my Bitcoin people out there," Portnoy said in the Twitter video. "When you're wrong, you're wrong. I fucking paper-handed, sold it. I fucking can't take Bitcoin, the ups and downs. I wish I had it. I took all my money and I put it in what I think I know, and what I can control. I don't know Bitcoin. I fucked up."

Portnoy did not immediately respond to a request for comment by Decrypt.

Edited by Andrew Hayward