Dave Portnoy names conditions for a profitable bitcoin purchase

Dave Portnoy, the founder of digital media company Barstool Sports, announced to his followers on the X platform that he intends to buy up to $ 10 million worth of bitcoins BTC $65,774.70 Bitcoin -0.55% Market capitalization $1.3 trillion VOL. 24 hours $0.58 billion with the company’s money, but only if the price of the first cryptocurrency drops to $ 40,000.

Portnoy said that he already owns the first cryptocurrency, but the current price range of bitcoin — over $ 60,000 — is not suitable for additional coin purchases. The crypto trader believes that a drop in BTC to $ 40,000 will provide more profitable opportunities, so he plans to use Barstool Sports' cash resources to benefit from this potential drop.

At the moment, bitcoin is trading above $ 62,000 per coin. In the last few months, the flagship cryptocurrency has experienced significant volatility: in March, bitcoin reached a new record high above $ 73,000, although in February it was below $ 50,000.

As a reminder, in February 2021, Portnoy said he would never buy bitcoin. The trader believed that bitcoin was the only thing that was not falling and was holding at $ 51,000, although it once cost $ 11,000. Despite his skepticism about the first cryptocurrency, Portnoy’s statement recognized the profitability of BTC, and over time, his confidence in the cryptocurrency only grew.

Later, the crypto enthusiast congratulated bitcoin investors who were able to hold on to their coins until the BTC rate reached $ 60,000. The crypto trader admitted that he «made a mistake» and that he has «paper hands» because he sold his positions at the first sign of risks. Recently, Portnoy said that he still regrets selling bitcoins and losing profits.