In a considerable shift, Dave Portnoy signaled a willingness to invest in Bitcoin. As the founder of Barstool Sports, Portnoy is a well-known feature of the sports betting world. However, the recent global pandemic led to most sports shutting down or severely restricting their activities. Without sports betting, Portnoy turned to equity day trading – proving himself a successful gambler in a new field. Portnoy’s foray into day trading has also led to a surge in retail day trading, which is likely inspired by Portnoy’s “Davey Day Trader Global” videos on Twitter. Now, the adrenaline investor has his eyes set on cryptocurrency and the industry’s notorious reputation for volatility.
To facilitate his entry, he’s called out the Winklevoss Twins on Twitter. In his post, Portnoy invited the twins to his office to help explain Bitcoin to him. He also added that he “wants to buy all of the bitcoin.” The Winklevoss Twins quickly agreed to the meeting, although informally through Twitter. Whether or not the meeting occurs is still up in the air, but Portnoy’s entry into the market could bring a rush of new investors alongside him.
Dave Portnoy and Barstool Sports
Dave Portnoy rose to prominence with his sports blog, Barstool Sports. Barstool is known for a rougher take on sports news and pop culture. They also offer fantasy sports projections – riding the rise in popularity throughout the past decade. In 2016, Portnoy sold 51% of the company to the Chernin Group. In January 2020, Penn National Gaming, Inc. (NASDAQ: PENN) announced a $450 million deal to take over the sports media company.
Portnoy and Barstool court controversy constantly – using it as leverage to maintain engagement. Off-color remarks and gaffes play to their target audience. As such, Portnoy remained relatively invulnerable to the recent rush of progressive movements dominating headlines.
The Winklevoss Twins
In contrast, the Winklevoss Twins serve as the poster-boys of the cryptocurrency industry. Partial founders of Facebook alongside Mark Zuckerberg, the two became early adopters of Bitcoin. Since then, they’ve invested in cryptocurrency payment processors and founded their own exchange. The Gemini Exchange serves the United States – on the of the most difficult legal frameworks to operate under. Further, they are one of few operating exchanges with the coveted BitLicense for New York state.
The Winklevoss Twins represent the perfect ambassador for bringing Portnoy into the fold. As to whether they can convert the rough-and-tumble sports gambler, it may require the opposite of their usual sales pitch. While most investors look for stability, Portnoy obviously enjoys the adrenaline of high volatility.
Article By: Adam Stone