Barstool Sports founder Dave Portnoy argues Bitcoin is ‘here to stay’ and is ‘in for the long haul.’
Barstool Sports founder Dave Portnoy, who admitted to once being skeptical of Bitcoin, discussed the future of the cryptocurrency on Friday amid its recent slide, noting that he believes it is “here to stay.”
Portnoy offered the insight speaking on “Varney & Co.” on Friday, acknowledging that he recently bought 29 bitcoin for about $1 million.
“I’m not doing anything with these,” he told host Stuart Varney on Friday.
“I’ve been in and out of bitcoin,” he added. “I bought it when it was $11,000. I sold it the next day. I got mocked across the Internet for doing that. People called me paper hands.”
“I was waiting for my reentry point,” Portnoy continued. “Fool me once, shame on you, fool me twice, shame on me. I’m in for the long haul.”
Bitcoin Foundation Chairman Brock Pierce argues crypto’s correlation with the stock market is ‘very real,’ which he says indicates that institutional capital in the U.S. is ‘in lockstep.’
Cryptocurrency was trading higher Friday afternoon for all the major coins, with bitcoin up nearly 10% trading at $40,416.
Bitcoin had been struggling recently along with equities as the Federal Reserve sets out its roadmap to raise rates.
The Federal Reserve last week signaled it could “soon” raise interest rates for the first time in three years, paving the way for a March liftoff as policymakers seek to keep prices…
