Dave Portnoy Took Bitcoin From Kraken in Sponsorship Deal, But Won't Buy at Current Prices

Dave Portnoy Loves Bitcoin, But Won't Buy at Current Prices

Dave Portnoy, the founder of Barstool Sports, is a big believer in bitcoin (BTC) but isn't buying any at current prices. He revealed that he took a "big portion" of his sponsorship deal with crypto exchange Kraken in BTC. Portnoy shared that Kraken paid him directly in bitcoin along with dollars, but neither party disclosed the exact amount.

Portnoy, known for his "day trader" persona, has been trying to time the bitcoin market since 2020. However, he's hesitant to buy at the current prices above $60,000: "I'd just hate myself. If I buy it right now – a ton of it – and it goes down, we'll have a problem in my brain."

Despite his reluctance to buy, Portnoy said he's "always" willing to accept bitcoin as payment: "I believe in it that much." He's confident that bitcoin is a good investment, particularly if Donald Trump wins the US presidential election in November. Portnoy believes Trump's pro-bitcoin stance will drive the price up.

While bitcoin is often seen as an investment, Portnoy's willingness to accept it as payment highlights the growing recognition of bitcoin as a form of value exchange. It's interesting to note that Kraken paid Portnoy in bitcoin directly, rather than converting it from fiat currency. This suggests a shift in how cryptocurrency is being used in mainstream business dealings.