They call him “the president.” But unlike the other president, Dave Portnoy draws a line by launching a memecoin. He is concerned that his followers lose his shirts.
“I got involved in Memecoins because I wanted to launch a memecoin from Barstool, but I didn’t want my fans and followers to lose money,” he said in an interview with Coindesk. The memecoins are “legalized Ponzi schemes,” he said, “there is no value, so you have to enter and leave before it is blocked.” [Note: memecoins aren’t legalized in the U.S. but they are popular.]
While Portnoy has not launched a Barstool brand memecoin, he has launched other memecoins. In February, Greed launched, a file that reached a market capitalization of $ 41.5 million. According to Lookonchain, Portnoy bought 357.92m $ greed, totaling 35.79% of the total supply, then sold everything in a single transaction, which caused a clash the price. He won around $ 258,000.
The founder of Barstool Sports took X in the aftermath to say: “I warned the people I could sell. I could have charged +1 million. I dropped it 75% before charging. Many people earned money. I took profits + pour it into #jailstool that I cannot touch. I did not make a penny in it. Some people won. Some losses. Only the losers pour it.
Portnoy began negotiating actions during the Covid-19 pandemic, and even launched the YouTube Davey Day Trader channel, where fans could follow their trades. His trades were not always successful, and there was not always a clear strategy, but they were entertaining. At one point, he took letters from a Scrabble bag, put RTX (Raytheon Technologies Corporation) and put $ 200,000 in the shares.
It was for this time that Portnoy was presented to Bitcoin. “I don’t think you can participate in anything, stock market [or] Finance without Crypto being an important part, “he says now. He has a love/hate relationship with Bitcoin because he says that” he has been on the wrong side every time he shakes. “Over the years, he has also experienced investing in cryptocurrencies as XRP.
Although Portnoy got into Memecoins because she wanted to launch one for the Barstool community, she admits that she still does not understand how to implement blockchain technology or cryptocurrencies in her business model. Barstool once accepted Bitcoin as part of his baros de baro fund to help small businesses, but $ 50 million collected, said that only $ 30,000 come from Bitcoin.
“Great spoke, great conversations, but did not work,” he said, reflecting on the Bitcoin community that persuaded him to accept the cryptocurrency. “Crypto is the leader of the league in people who tell you what [you] He should be doing, and he is also the leader of the League in people who I don’t trust. “
Portnoy has experienced with Memecoins, Bitcoin, and even launched an NFT attached to its popular YouTube Channel Reviews One Bite Pizza that was sold for $ 138,000. And, although he does not always understand them, he says: “As much as he has from one place to another with the cryptographic community, I really love them. I think they are funny […] An interesting group, which I suppose I am part. “
Dave Portnoy will share more about his cryptographic trip in consensus 2025 in Toronto on May 15. Get your tickets here.
