In brief
- Barstool Sports Dave Portnoy recently said he had sold his Bitcoin. Now he has clarified how much, if any, crypto he has left.
- Portnoy called Bitcoin akin to a Ponzi scheme where older participants stand to make more money.
- However, Portnoy’s not done with crypto just yet.
Dave Portnoy, the founder of sports blog Barstool Sports, revealed on a podcast yesterday the extent of his crypto holdings—and termed the sector as a “big Ponzi scheme.”
The multi-millionaire enjoyed a pompous entrance in the crypto market in August—barely lasting a week before complaining the volatility was too much to stomach. He then announced he had sold all his Bitcoin. But did he hold onto a few fledgling altcoins?
“I have nothing in crypto right now. The thing I miss the most is the memes,” Portnoy told crypto investor Anthony Pompliano on ‘The Pomp Podcast.” Portnoy reaffirmed that, at one point, he held over $1 million worth of Bitcoin but eventually sold it all.
“It’s just one big Ponzi scheme…You get in, and you just have to not be the one left holding the bag,” said Portnoy. “It’s no different from the stock market. Everyone’s pumping their own [coin] alright.”
But Bitcoin bull Pompliano was not to be deterred. He countered Portnoy’s doubts by explaining what he thinks are Bitcoin’s strengths.
“Bitcoin is stronger than anything in the world. No government, nobody can hack it because it is the strongest computing network in the world. It’s got more computing power on it than anything,” said Pompliano.
Pompliano suggested Portnoy could invest and hold cryptocurrency for the long-term instead of viewing the asset as a one-time purchase where the volatility could be milked for profits.
His arguments may have worked, to some degree. The media mogul promised he would return to the crypto market again—but with no particular timeline.
But until then, he’s going to stick to stocks.