Barstool’s Portnoy thought Bitcoin was a ‘Ponzi scheme’ when first introduced

Barstool Sports founder and CEO Dave Portnoy mentioned he thought Bitcoin was a “Ponzi scheme” when the cryptocurrency was first introduced, however he “actually” would not say Bitcoin “is a rip-off now.” 

Portnoy famous that he has “come round” on Bitcoin in a Thursday look on “Varney & Co.” His up to date stance was shared in response to Donald Trump’s feedback on the cryptocurrency three days prior when the previous president informed host Stuart Varney it appeared like a “rip-off.”  

“The forex of this world ought to be the greenback. And I do not suppose we must always have the entire Bitcoins of the world on the market. I believe they need to regulate them very, very excessive,” Trump informed Varney on Monday including, “it takes the sting off of the greenback and the significance of the greenback.”

Portnoy mentioned when Bitcoin first surfaced, “I wasn’t too far off from Donald.” 

“I thought when Bitcoin was first introduced and for a very long time that it was a Ponzi scheme,” he continued. “I’ve come round on it and no matter cause it began for, at this level, it’s too extensively accepted; there’s [sic] too many individuals utilizing it, too many massive individuals imagine in it, too many shops accepting it. There’s liquidity.  You can get out and in of it simply.” 

“I don’t know what it began as, however I actually wouldn’t say it’s a rip-off now,” he careworn. 

SHOULD YOU BUY THE CRYPTO DIP? 3 THINGS TO KNOW

Ticker Security Last Change Change %
COIN COINBASE GLOBAL 222.24 -2.08 -0.93%
BITQ EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E 22.80 +0.10 +0.43%

Bitcoin has fallen from its report excessive of $64,829 to the $36,000 stage, however remains to be up round 27% year-to-date as of Thursday, based on Coindesk.

Portnoy famous that it’s a must to have endurance with cryptocurrencies and be in it “for the lengthy sport.”

Bitcoin and different cryptocurrencies stay unregulated throughout the U.S. monetary system. 

Portnoy shared that the one cryptocurrencies he has cash invested in are Bitcoin and SafeMoon. 

Last month, Portnoy mentioned his bullish views on the cryptocurrency SafeMoon with Varney. He acknowledged in a video that he had bought $40,000 of the coin and informed Varney final month and reiterated on Thursday that he deliberate on holding on to the cryptocurrency for years. 

Portnoy mentioned again in May that he’d executed a little bit of analysis and appreciated the “idea of SafeMoon” earlier than buying the crypto, noting that, since then, it has been “a wild experience.”

GOOGLE TO ACCEPT CRYPTOCURRENCY EXCHANGE, WALLET ADVERTISEMENTS IN AUGUST

On Thursday, he informed Varney that he was “down 50%,” however was by no means going to promote his holdings in SafeMoon. 

“I’ve mentioned I’m doing it for the long run – so it’s been a little rocky street, however that’s the character of the beast when you get entangled with some of these cash,” Portnoy informed Varney. “SafeMoon will finally land on the moon and I might be there to throw a yacht get together when it does, but it surely’s down.” 

He subsequently famous that he’s not dropping curiosity in cryptocurrencies regardless of having been “down,” and pointed to the Bitcoin 2021 convention, which befell in Miami, Fla. over the weekend, as proof that persons are gaining curiosity within the cryptocurrency. 

Conference organizers estimated about 50,000 individuals attended to speak about Bitcoin’s fast development and doubtlessly promising future. 

Portnoy mentioned he didn’t attend the convention, however talked about he witnessed many individuals who have been in Miami for the occasion out within the streets, at eating places and nightclubs. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“Everything was busy,” Portnoy informed Varney.  “People have been utilizing crypto.” 

“Crypto isn’t going wherever,” Portnoy concluded, though he admitted that, “it’s exhausting to brag about how nice all the pieces goes when you are down 50%.”

CLICK HERE TO READ MORE ON FOX BUSINESS

Fox Business’ Suzanne O’Halloran contributed to this report. 

Recommended For You

About the Author: Daniel