Dave Portnoy, the Barstool Sports chief, recently shared that he has taken a significant portion of his sponsorship deal with the crypto exchange Kraken in Bitcoin (BTC). While Kraken paid him in both cryptocurrency and dollars, the exact amount of the transaction remains undisclosed.
Despite his reservations about buying Bitcoin at its current price, which is above $60,000, Portnoy expressed his willingness to accept Bitcoin as payment. He has been experimenting with trading Bitcoin since mid-2020, but has faced challenges in timing the market effectively.
Portnoy’s partnership with Kraken began in February when the exchange started sponsoring his “Davey Day Trader Global” livestream. Unlike many other sponsorship deals that convert cash payments into crypto, Kraken paid Portnoy directly in Bitcoin.
While Bitcoin was originally intended to be a peer-to-peer electronic cash system, it is now more commonly viewed as a store of value or investment asset. Portnoy, like many other investors, sees Bitcoin as a promising investment opportunity.
Portnoy believes that if pro-Bitcoin Republican Donald Trump wins the U.S. presidential election in November, Bitcoin’s price will surge. However, he acknowledges that his predictions are not always accurate.
In conclusion, despite his reservations about buying Bitcoin at its current price, Dave Portnoy remains optimistic about the cryptocurrency’s future. His partnership with Kraken demonstrates his belief in Bitcoin as a form of payment and investment. As the cryptocurrency market continues to evolve, it will be interesting to see how Portnoy’s involvement influences mainstream adoption and awareness of Bitcoin.