Barstool Sports Founder Plans to Invest Millions in Bitcoin if Prices Drop

Barstool Sports founder and president Dave Portnoy recently announced his intention to invest up to $10 million in Bitcoin using company funds, but only if the cryptocurrency reaches his desired price levels. Portnoy shared his plan during a livestream, stating that he would consider buying between $5 million and $10 million worth of Bitcoin if its price falls into the $40,000 range, but not if it remains in the $60,000 range.

Portnoy clarified that he already holds a significant amount of personal Bitcoin and emphasized that his potential company investment would be separate. Bitcoin’s current price hovers above $60,000, following a period of significant price fluctuations since its peak above $73,000 in March. The cryptocurrency was last valued below $50,000 back in February.

In response to Portnoy’s announcement, Crypto Twitter traders advised caution and recommended utilizing a dollar-cost averaging strategy when investing in Bitcoin. Dollar-cost averaging involves regularly investing a fixed amount of money into an asset, regardless of its price, to mitigate the impact of market volatility.

Portnoy’s relationship with Bitcoin has been tumultuous, with him previously declaring in February 2021 that he would never purchase Bitcoin. However, in March of the same year, he publicly admitted to making a mistake by not holding onto his Bitcoin investment until it reached $60,000, acknowledging his error in selling prematurely.

Portnoy’s latest statement on Bitcoin investment has sparked interest and discussion within the cryptocurrency community. His decision to potentially invest a substantial amount of company funds into Bitcoin reflects the ongoing evolution of mainstream acceptance and adoption of cryptocurrencies.

Please note that Dave Portnoy did not provide immediate comment following the announcement.