Barstol Sports founder and president Dave Portnoy announced on Twitter on Friday that he plans to use company funds to purchase up to $10 million worth of Bitcoin, but only if the top cryptocurrency reaches his desired price level.
Portnoy told his 3.1 million followers during a livestream, “I will take Barstool funds, and if Bitcoin gets to $40,000, I might buy $5 million, $10 million of Bitcoin.” He added, “I’m not buying at $60,000.”
He further clarified, “I already have a ton of personal Bitcoin, so don’t get that confused.”
Bitcoin is currently trading slightly above $60,000 and has experienced price fluctuations in the past few months since reaching an all-time high of over $73,000 in March. The last time it was priced below $50,000 was in February.
In response to Portnoy’s latest Bitcoin tweet, many crypto Twitter traders advised caution to the impulsive investor and recommended using the dollar-cost averaging strategy.
Dollar-cost averaging refers to an investment strategy in which investors regularly invest a fixed amount of funds into a specific asset, regardless of its price, in order to reduce the impact of volatility. Some cryptocurrency investors utilize this strategy instead of attempting to predict market trends.
Portnoy’s video message is the latest addition to his love-hate relationship with Bitcoin. In February 2021, Portnoy declared, “I will never buy Bitcoin.”
“Bitcoin is the only thing that doesn’t go down—$51,000. Bitcoin is fucking $51,000, last August it was $11,000. Holy shit,” Portnoy said at the time. “I will never buy Bitcoin. Never ever. I don’t believe in it at all,” he stated while also acknowledging the asset’s profitability.
In March of that year, Portnoy again took to Twitter to congratulate Bitcoin investors who stuck with the investment until it reached $60,000, saying he “fucked up” and had paper hands.
“I want to congratulate all my Bitcoin people,” Portnoy said in a Twitter video. “When you’re wrong, you’re wrong. I fucking sold paper hands. I couldn’t take the Bitcoin roller coaster. I wish I had it. I took my money, put it into things I think I know and can control. I don’t know Bitcoin. I fucked up.”
Portnoy did not immediately respond to Decrypt’s request for comment.
Edited by Andrew Hayward.