Dave Portnoy, the founder of Barstool Sports and a well-known day trader, said on January 28 that he bought 29 bitcoin, spending more than $1 million. The purchase marks another turn in Portnoy’s often-changing relationship with bitcoin, after several years of public hesitation, criticism, and re-entry into the market.
A familiar reversal on bitcoin
Portnoy’s comments stand in contrast to remarks he made in August 2020, when he told followers on Twitter that he owned “zero bitcoins.” At the time, he said he had lost $25,000 and needed time to understand the market. In a video posted that same period, he also voiced deep distrust of bitcoin trading, saying he might be out by the end of the day and never return.
Still, Portnoy later made his way back into crypto. After selling his dogecoin (DOGE) holdings, he said he had become the owner of 1 bitcoin. His latest move came after BTC had fallen more than 40% from its November 10, 2021 all-time high, suggesting that the pullback may have created what he saw as a more attractive entry point.
Social media reaction and bitcoin community response
Announcing the purchase in his usual blunt style, Portnoy posted that he had “bought 29 bitcoins today.” The tweet quickly gained traction across crypto circles. Michael Saylor of Microstrategy replied with a short welcome message: “Welcome to Team Bitcoin.”
Barstool Sports also highlighted the trade in a blog post describing it as a return of “Parabolic Dave” with a “cool milly” worth of bitcoin. At the time of writing cited in the source report, Portnoy’s tweet had collected more than 32,000 likes and over 2,000 retweets. Many bitcoin supporters praised the move and welcomed him back, seeing the purchase as another example of high-profile traders stepping in after a major market correction.
From declaring his distrust of bitcoin to making a seven-figure purchase, Portnoy’s latest trade underscores how volatile sentiment around the asset can be, especially among market personalities with large online audiences.