Dave Portnoy, founder and CEO of sports and pop culture blog Barstool Sports, bought 29.5 bitcoins for $1.1 million on Friday, returning to a market he one time before said he did not “trust.”
“F***ed around and bought 29 bitcoins today,” the stock market trader announced on Twitter. Portnoy spent $36,924 for each bitcoin (Bitcoin (BTC)), on the average. He took advantage of bitcoin’s 40% decline from its Nov.10 all-time-excessive of $69,000 to bounce back into the market.
Many in the token industry welcomed Portnoy back into bitcoin, with MicroStcostgy chief executive officer Michael Saylor leading the pack of those which did so, tweeting: “Welcome back to Team Bitcoin.”
Portnoy’s love-hate relationship with bitcoin
The 44-year-old American blogger has had a love-hate relationship with Bitcoin (BTC). In August 2020, Portnoy said he did not “trust this [bitcoin] market at all” after he lost $25,000 and threatened “never [to] come back.”
He had earlier spent around $1 million on bitcoin and Chainlink (LINK), although Bitcoin (BTC) traded at $11,500. But although rates began to fall some two weeks afterwards, Portnoy panicked and sold all his bitcoin at a loss of $25,000.
“I’m never buying bitcoin. Never. Never-never. I don’t believe a thing about it,” he proclaimed in a video remain February. “But I do think it’s profitable. I think with enough steam, which it may barely endure to go up forever, but I don’t buy the underlying junk behind it.”
Portnoy appears to have re-entered the market at some point between April and May 2021, as he took a pot-shot at Elon Musk, accusing the Tesla CEO of “flip-flopping about bitcoin.” He had scarcely sold all his Dogecoin (DOGE) and bought one bitcoin at $48,000 after Tesla said it was investing in Bitcoin (BTC).
Portnoy further put $40,000 into Safemoon. That investment is now worth under $4,000 at current market costs.
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