Barstool Sports founder Dave Portnoy encountered an unfortunate incident with his substantial $1 million Bitcoin investment after FTX collapsed in 2022.

The media personality chronicled the events surrounding his foray into cryptocurrency via a video on X (formerly Twitter)

Dave Portnoy’s Failed Bitcoin Journey

Dave Portnoy began his journey in 2017 via an educational meeting with the Winklevoss twins, during which they assisted him in setting up an account on the crypto exchange Gemini. Despite making a significant purchase, he swiftly sold off his holdings due to Bitcoin price volatility.

In 2022, armed with a better understanding of the leading cryptocurrency, Portnoy invested over $1 million when its value dipped to approximately $32,000. However, FTX’s subsequent collapse and rumors suggesting Gemini might follow led him to test the withdrawal feature on the platform. He intended to “cash out a little” and leave the rest in there because he considered himself “diamond hands.”

As BTC surged past $43,000 after the recent approval of a spot Bitcoin ETF (exchange-traded fund), Portnoy’s attempt to review his portfolio revealed a critical error — he had inadvertently converted all of it to cash.

“What am I supposed to do now? Buy it at $44,000? I bought at $32,000… I accidentally cashed out at $20,000, and I didn’t mean to cash out. I wouldn’t have left the money just sitting there… I cannot win with Bitcoin; somebody owes me BTC,” he said.

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Author: Oluwapelumi Adejumo

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