In an admission Dave Portnoy, the founder and proprietor of Barstool Sports openly expressed his regrets, about parting ways with his bitcoin investments. Portnoy, also known as Davey Day Trader Global (DDTG) in circles shared his frustrations in a video posted on a social media platform. His reflections coincide with a period of bitcoin price surges surpassing the $52,000 milestone prompting Portnoy to ponder the missed opportunities.
Portnoys sense of regret stems from a series of choices that led him to sell off his holdings decisions he now sees as oversights. “I could have had around 75% gains in bitcoin. I could have made $750,000 from bitcoin ” he remarked, underscoring the lost chance to boost his portfolio through cryptocurrency investments.
Following its sale to Penn Entertainment and subsequent reacquisition by Portnoy Barstool Sports prompted him to revisit his transactions involving bitcoin. The change in ownership sparked contemplation on what could have been if Barstool Sports had invested $10 million, in bitcoin when he regained control of the company.
Portnoys recent video, about his transaction sparked a lot of discussion and advice within the community. Many people are encouraging him to get into the bitcoin market believing that there is still room for price growth in the cryptocurrency. Michael Saylor, the chairman of Microstrategy and a strong supporter of bitcoin responded to Portnoys comments by saying, “Everyone gets bitcoin at the price they deserve.” Saylor playfully referenced Portnoys catchphrase “Everybody knows the rules” in relation to investment principles for bitcoin.
To explain his sale of bitcoin Portnoy clarified that he did not intend to sell the cryptocurrency. His decision was influenced by concerns, about liquidity after the FTX crypto exchange collapsed. “I didn’t want to risk losing it if FTX went under so I was just checking my exchanges liquidity and forgot to switch it back ” he explained.
Portnoy first entered the world of cryptocurrency in August 2020 after meeting with the Winklevoss twins from Gemini Exchange who guided him through his purchase of bitcoin. Despite selling off his holdings Portnoy returned to the market in February 2022 by purchasing 29 BTC for around $1 million.
His recent admission of regret and thoughts, about getting into the world of cryptocurrency highlight how unpredictable and risky digital currencies can be and the significant influence they can have on how individual investors plan their finances and view the future.
