Dave Portnoy Buys Bitcoin: Here's How Much The Barstool Sports Founder HODLs

Dave Portnoy Buys Bitcoin: Here's How Much The Barstool Sports Founder HODLs

Barstool Sports founder Dave Portnoy is no stranger to sharing his stock and cryptocurrency purchases with his followers on Twitter Inc TWTR. On Friday, Portnoy shared a huge purchase of Bitcoin BTC/USD.

What Happened: Portnoy took to Twitter to share that he bought 29.5169 Bitcoin a price of $36,924.86 each. The total purchase price was $1,089,907.77.

“F***ed around and bought 29 bitcoins today #Bitcoin,” Portnoy shared with his 2.7 million Twitter followers.

The purchase of Bitcoin by Portnoy led to several calling out his investment in Safemoon SAFEMOON/USD, which has fallen since his purchase.

Portnoy shared that he still is holding Safemoon, with his $40,000 investment now worth $3,985.20.

Related Link: Dave Portnoy: DraftKings, FanDuel Will Knock Each Other Out As Barstool Sportsbook Focuses On Loyalty 

Why It’s Important: The Barstool Sportsbook founder previously accused Tesla Inc TSLA CEO Elon Musk of manipulating the market with numerous tweets about cryptocurrencies. 

“I wish I could to the degree he does,” Portnoy said.

Portnoy said Musk goes back and forth on investments and tweets about cryptocurrencies like Bitcoin and Dogecoin DOGE/USD.

“If the crypto market were regulated, you wouldn’t be allowed to do that.”

Portnoy’s purchase was welcomed by many including MicroStrategy Inc MSTR CEO Michael Saylor, who is a large holder of Bitcoin.

The purchase also comes after Ark Funds CEO Cathie Wood said this week that Bitcoin could hit $1 million by 2030.

Barstool Sportsbook, a sports betting app from Barstool Sports and Penn National Gaming PENNlaunched Friday in the state of Louisiana.

Price Action: The Grayscale Bitcoin Trust GBTC is up 5% to $25.25 Friday afternoon. 

Bitcoin is trading at $37,285.82 and has traded at a range of $35,629.28 and $37,423.99 over the last 24 hours.

The price of Bitcoin is down around 27% in the last month. Bitcoin's all-time high is $68,789.63. 

Posted In: Ark FundsBarstool SportsBarstool SportsbookBitcoinCathie WoodDave PortnoydogecoinElon MuskMichael SaylorSafeMoonCryptocurrencyNewsMarkets

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