The founder of digital media company Barstool Sports and owner of Davey Day Trader Global (DDTG) admitted: he regrets that he once sold his bitcoins, missing out on profits.
Dave Portnoy watches BTC rise above $52,000 and chides himself: if he had kept all the coins, his investment would have grown by about 75%, and the profit would have reached $750,000.
“Barstool should have owned Bitcoin. At the moment I returned the company, I needed to buy $10 million worth of bitcoins. I'm so angry at myself. I will never be able to get over what I did with bitcoins, it’s a complete fiasco,” the trader is indignant.
Last February, Portnoy's Barstool Sports was sold to Penn Entertainment.. However, in August, Portnoy announced that Penn Entertainment had terminated its contract with Barstool Sports and returned ownership of the company to him..
Microstrategy Chairman Michael Saylor responded to Portnoy on the X social network: they say, everyone knows the rules: you need to buy Bitcoin and not sell. Portnoy explained in a comment that he did not intend to sell bitcoins, but simply did not want to lose when the FTX crypto exchange collapsed. The businessman trader only checked whether the exchange where he was trading was liquid and forgot to switch back.
The Barstool founder met with the founders of the Gemini crypto exchange, the Winklevoss twins, in August 2020, and then purchased bitcoins for the first time. Portnoy later sold his bitcoins, but returned to the market again in February 2022, buying 29 BTC for approximately $1 million.
In 2021, Dave Portnoy admitted that he was initially skeptical about Bitcoin, but over time, confidence in this cryptocurrency has strengthened significantly.