2 weeks ago
They telephone him “El Presidente.” But dissimilar the different President, Dave Portnoy draws a enactment astatine launching a memecoin. He worries his followers volition suffer their shirts.
“I got progressive successful memecoins due to the fact that I wanted to motorboat a Barstool memecoin, but I didn’t privation my fans and followers to suffer money,” helium said successful an interrogation with CoinDesk. Memecoins are “legalized Ponzi schemes,” helium said, “there’s nary worth to it, truthful you gotta get successful and get retired earlier it crashes.” [Note: memecoins aren’t legalized successful the U.S. but they are popular.]
While Portnoy hasn’t launched a Barstool branded memecoin, helium has launched different memecoins. In February helium launched GREED, a token that reached a marketplace headdress of $41.5 million. According to Lookonchain, Portnoy bought 357.92M $GREED, totalling 35.79% of the full supply, past sold each successful a azygous transaction causing the terms to crash. He made astir $258,000.
The Barstool Sports laminitis took to X successful the aftermath to say, “I warned radical I could sell. I could person cashed retired +1 million. I fto it driblet 75% earlier cashing out. Lots of radical made money. I took profits + poured it into #jailstool which I can’t touch. I didn’t marque a dime connected it. Some radical won. Some lost. Only the losers support bitching.”
Portnoy started trading stocks during the COVID-19 pandemic, and adjacent launched the YouTube transmission Davey Day Trader, wherever fans could travel his trades. His trades weren’t ever successful, and determination wasn’t ever a wide strategy, but they were entertaining. At 1 point, helium pulled letters retired of a Scrabble bag, enactment RTX (Raytheon Technologies Corporation) together, and enactment $200,000 into the stock.
It was astir this clip that Portnoy was introduced to bitcoin. “I don’t deliberation you tin beryllium progressive successful anything, banal marketplace [or] concern without crypto being a large portion of it,” helium says now. He has a love/hate narration with bitcoin due to the fact that helium says he’s “been connected the incorrect broadside of it each clip it rips.” Over the years he’s besides experimented with investing successful cryptocurrencies similar XRP.
Although Portnoy got into memecoins due to the fact that helium wanted to motorboat 1 for the Barstool community, helium admits that helium inactive doesn’t recognize however to instrumentality blockchain exertion oregon cryptocurrencies into his concern model. Barstool erstwhile accepted bitcoin arsenic portion of its Barstool Fund to assistance tiny businesses, but retired of $50 cardinal raised, helium said lone $30,000 came from bitcoin.
“They talked big, large talk, but it didn’t enactment out,” helium said, reflecting connected the bitcoin assemblage who persuaded him to judge the cryptocurrency. “Crypto is the league person successful radical telling you what [you] should beryllium doing, and it’s besides the league person successful radical I don’t trust.”
Portnoy has experimented with memecoins, bitcoin, and adjacent launched an NFT attached to his fashionable One Bite Pizza Reviews YouTube transmission that sold for $138,000. And, though helium doesn’t ever recognize them, helium says “as overmuch arsenic I person backmost and distant with the crypto community, I really emotion them. I deliberation they’re hilarious [...] an absorbing group, which I conjecture I'm a portion of.”
Dave Portnoy volition beryllium sharing much astir his crypto travel astatine Consensus 2025 successful Toronto connected May 15. Get your tickets here.
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