Dave Portnoy of Barstool Sports spends $250K on Bitcoin

Dave Portnoy of Barstool Sports spends $250K on Bitcoin

Barstool Sports founder Dave Portnoy made a big splash in the crypto sphere, buying US$250,000 [AUS$348,580] in Bitcoin in one fell swoop.

In a video posted to his Twitter account, Portnoy met with the Winklevoss twins to discuss Bitcoin. He revealed that he spent US$250,000 [AUS$348,580] in Bitcoin, and the men discussed the ChainLink cryptocurrency as well as gold.

Bitcoin over gold

The Winklevoss twins told Portnoy that Bitcoin was a better bet than gold. The twins reasoned that there is a fixed supply of Bitcoin, but the amount of gold could balloon astronomically in the future.

The twins explained that there is a lot of gold to be found in asteroids, and they point out that Elon Musk has plans to mine that gold. Musk himself recently mentioned a news story that reports NASA is “eyeing up a nearby asteroid that contains enough gold to make everyone on Earth a billionaire.”

NASA estimates that there is enough gold to be found in the asteroids between Mars and Jupiter to give every person on Earth US$100 billion [AUS$139 billion].

In the video, Tyler Winklevoss tells Dave Portnoy, “Elon Musk is going to destroy gold. [He’s] going to get up there and start mining gold. That’s why gold is a problem, because the supply isn’t fixed like bitcoin. Gold is for boomers who don’t understand that.”

Forbes further quotes Portnoy, saying:

“If [Elon Musk] mines all the gold on the asteroids, all of a sudden gold is worthless. And I think he will.”

Of course, it will take a lot of resources and increases in technology to reach successfully, and mine said asteroids for their gold.

Portnoy also suggested later on in his Twitter feed that his investment in Bitcoin has hit seven figures.

The rise of Dave Portnoy

Portnoy can afford his investment in Bitcoin and other cryptocurrencies. He has an estimated net worth of US$100 million [AUS$139 million]. He founded Barstool Sports, a pop culture and sports blog network, back in 2003. The enterprise has become wildly successful since its launch.

The Chermin Group acquired 51% of Barstool Sports in 2016. Penn National Gaming later bought a 36% share in Barstool Sports for $163 million [AUS$227 million] in January 2020.

This purchase pushed the valuation of Barstool Sports to a whopping US$450 million [AUS$627 million], a notable increase from the US$100 million [AUS$139 million] the company had in January 2018.

Featured image courtesy of Zach Catanzareti Photo/Flickr

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