Dave Portnoy says ‘just shut up and buy Bitcoin’ as he reveals $5 million bet

Barstool Sports founder Dave Portnoy has offered a reflection on his investing approach, admitting that, for all the debate and analysis, simply buying Bitcoin (BTC) might have been the smarter move all along.

Portnoy shared that he talks with his financial advisor daily about stocks, only to confess they may have been overthinking it. All the back-and-forth, he suggested, might have distracted them from the obvious Bitcoin play, he said in an X post on July 14.

His remarks hinted at a sense of frustration with traditional investing strategies that can leave investors second-guessing while the crypto market surges ahead.

The investor’s comments follow Bitcoin’s strong run, which has seen the cryptocurrency climb from under $100,000 to a new record high above $123,000. As of press time, Bitcoin was in a consolidation mode, trading at $119,889, up 0.6% in the last 24 hours.

Describing the market as “rip city,” Portnoy noted that the rally has left many traders watching from the sidelines. Even though he holds over $5 million in crypto on Kraken, he admitted it still feels like it might not be enough.

“I talk to my finance guy every day about stocks. We should’ve just shut up and bought Bitcoin. <…> Forget everything else. <…> If you are going to trade crypto, you might as well do it because it’s just rip city,” he said.

Portnoy’s investment journey

Though now known for his enthusiasm for crypto, Portnoy’s investing journey began with stocks in 2019.

He became famous for his unpredictable style, once picking Raytheon Technologies (NYSE: RTX) by pulling letters from a Scrabble bag for a $200,000 bet. He has also made big wagers on companies like Tesla (NASDAQ: TSLA), despite its recent challenges.

Notably, Portnoy’s relationship with Bitcoin has been rocky, having often bought at the wrong time; however, he has continued to experiment with other assets, such as XRP.

His crypto adventures haven’t been without controversy. Back in February, Portnoy lost about $170,000 worth of SOL when he mistakenly bought an illiquid LIBRA token, thinking it was linked to Argentina’s President Javier Milei’s meme coin.

Featured image via Shutterstock

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