Barstool Sports' Dave Portnoy buys bitcoin after Winklevoss pitch
August 13, 2020, 5:13PM EDT
1 min read
Dave Portnoy, the pugnacious founder of Barstool Sports and, these days, a celebrity day trader, has bought some bitcoin with the help of Cameron and Tyler Winklevoss.
In a video appearance published Thursday, the twin brothers and founders of crypto exchange Gemini walked Portnoy through the basics of bitcoin and coached him on purchasing some $200,000 of the cryptocurrency. Portnoy also purchased $50,000 of Chainlink’s LINK token. In a separate tweet, Portnoy claimed to be "7 figures deep now in this stuff."
Portnoy founded Barstool Sports, which covers sports and culture, in 2003. Barstool publishes content on its site as well as across social media. Since the start of the coronavirus pandemic-related quarantines, Portnoy has gained notoriety as a day trader, streaming his activities daily under the Davey Day Trader moniker.
In that time, Portnoy attracted both a dedicated audience of traders chasing riches — fitting squarely into a culture driven by fast-moving memes and a frenzied population of Robinhood speculators — as well as critics who've blasted his approach to covering stocks. As of the time of writing, Portnoy has amassed a Twitter following of 1.7 million.
Earlier this month, in a separate video, Portnoy said that he had previously bought $20,000 in bitcoin, but lamented the complexities in purchasing and holding digital assets compared to buying stocks.
As the video came to a close, Portnoy was asked by the person shooting the video about the explanations offered by the Winklevoss twins.
"I literally have no idea what bitcoin is, do you?" Portnoy replied.