Dave Portnoy Embraces Bitcoin Payments Despite Holding Off on Investments

Dave Portnoy, the founder of Barstool Sports, has opted not to invest in bitcoin (BTC) at its current price levels, which exceed $60,000.

Despite his reservations about buying at peak prices and potentially facing losses, he has chosen to accept a significant portion of his sponsorship deal with Kraken in BTC, alongside traditional dollars.

This decision underscores his ongoing engagement with cryptocurrencies, despite his earlier trading misadventures since mid-2020. Portnoy, known for his “day trader” persona, has openly shared his struggles with market timing in the past, often buying high and selling low.

Portnoy’s willingness to accept bitcoin as payment aligns with his belief in its long-term value and utility. He first embraced this approach in February when Kraken began sponsoring his “Davey Day Trader Global” (DDTG) livestream.

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While bitcoin is typically viewed as an investment asset rather than a medium of exchange, Portnoy’s acceptance of it as payment reflects a broader trend among enthusiasts who see bitcoin’s potential beyond speculative trading.

Looking ahead, Portnoy remains cautiously optimistic, speculating that a pro-bitcoin outcome in the upcoming U.S. presidential election could propel bitcoin’s value upward, although he humorously acknowledges his track record for predictions is often flawed.

Alexander Stefanov