Dave Portnoy, founder of Barstool Sports, said he has learned enough about the crypto industry now to believe that Bitcoin (BTC) is permanent.
Speaking to Fox Business, Dave Portnoy said that he has “diamond hands” after purchasing one million dollars worth of Bitcoin.
“I bought 29 Bitcoins when I was at $11k and sold it the next day. People made fun of me for this and called me “paper hands”.
I was waiting to re-enter. Whoever fooled me once should be ashamed of himself. But if I bleed a second time I should be ashamed of myself
I think long term”
Portnoy bought Bitcoin at around $11,000 in 2020 and soon sold it at a loss. Since then, the asset has gained 500% before dropping below the $40,000 mark.
Portnoy revealed last week that he bought around 29.5 BTC at an average price of $36,924. The total cost was roughly $1 million.
Portnoy said a year ago that he stayed away from cryptocurrencies because he did not understand the industry. Now it is back.
“I realized that Bitcoin is here to stay and not going anywhere. It is widely adopted. We have seen that the mainstream is included in the sector. This is the future.”
I think you are stupid if it is not part of your portfolio. So should your entire portfolio be Bitcoin? Probably not.
I also get some small altcoins. I have Safemoon. I’m still holding it and Bitcoin is here to stay. At some point, everything becomes valuable.”
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