Portnoy's Strategic Crypto Purchases
Barstool Sports founder and social media personality Dave Portnoy revealed that he capitalized on the recent cryptocurrency market decline. Portnoy stated he purchased a total of $2 million worth of XRP, Bitcoin, and Ethereum on Monday night.
Portnoy detailed his purchases during a live broadcast, noting the significant market downturn. According to screenshots shared by Portnoy, his investments were allocated as follows:
- •$1 million worth of XRP
- •$750,000 worth of Bitcoin (BTC)
- •$400,000 worth of Ethereum (ETH)
Portnoy's "HODL" Strategy
Portnoy explained that he has consistently followed a "HODL" strategy, which involves buying assets aggressively during market declines. He articulated this approach by saying:
“There was a small dip in the market. I was like Braveheart, saying ‘HODL, HODL.’ I bought $2 million worth of crypto last night.”
Market Context and Current Price Action
Following a notable decline yesterday, Bitcoin's price continued to experience downward pressure today. The cryptocurrency briefly fell below $90,000 before a partial recovery. At the time of this report, Bitcoin is trading at $93,264.