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.
— Dave Portnoy (@stoolpresidente) August 13, 2020
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.
— Dave Portnoy (@stoolpresidente) August 14, 2020
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