Dave Portnoy isn’t necessarily a sports industry name you would readily recognize, but if you do know who he is, chances are it’s because you’ve watched some of the viral sports content on his website, Barstool Sports.
Now, both sports fans and Bitcoin fans are going to start to get to know more about the guy. That’s because mere weeks after tweeting that he might be interested in learning more about Bitcoin and cryptocurrencies, Portnoy now holds $250,000 worth of the world’s most valuable cryptocurrency.
Portnoy’s Bitcoin Journey Is Just Beginning
After tweeting that he wants to learn more about Bitcoin and would welcome the opportunity for somebody to educate him about it, Cameron and Tyler Winklevoss, the famous identical twin venture capitalists duo offered to pull him aside in a meeting and teach him all about the world of cryptocurrencies.
Make no mistake about it, the Winklevoss twins aren’t just famous because of their past association with Facebook or because they are rich, they are also becoming influencers in the cryptocurrency space due to the fact that they own one of the largest exchanges in the world called Gemini.
The twins have clearly made their mark on Portnoy. The Winklevoss twins have successfully convinced him that since Elon Musk plans to mine actual gold off of the surface of asteroids, digital gold will actually be the more valuable earthly commodity in the near and distant future.
How Much of His Wealth is Portnoy Investing?
Whenever an influencer, athlete or investor puts big money down on a bet or an investment, it inevitably grabs headlines. The fact is that most of us average gamblers have no idea what it would be like to place a $250,000 bet on something unless we’re talking about putting a down payment on a family home.
Portnoy’s investment in bitcoin is certainly sizable and it will make a difference as far as providing further exposure to cryptocurrencies in the social media sphere as well as in the investing world to some extent. Still, it’s important to remember that he’s not exactly risking the house on Bitcoin. Portnoy has his company to thank for that.
His net worth is estimated to be around $100 million USD. He founded his blog network all the way back in 2003 and since that time has sold an estimated 86% of that website at a valuation of $450 million. Naturally, he didn’t keep all the money to himself as there were other investors involved when he sold, but it should be plainly obvious to you now why a guy like Portnoy can take a $250,000 gamble on something he knows almost nothing about.
It also doesn’t hurt that he has friends in high places that can explain everything to him.
Other Investors and Athletes Betting Big on Bitcoin
Many of the world’s top athletes are now taking an interest in blockchain technology and Bitcoin including FC Barcelona’s Lionel Messi, NBA players Spencer Dinwiddie and Andre Iguodala, and NFL star Russell Okung.
The good news is that you don’t have to be an athlete or multimillionaire investor to get involved. Unlike traditional money, Bitcoin goes way beyond two decimal places. It actually goes 12 decimal places deep. This means that you can own just a small fraction of one full Bitcoin. Even if the price is currently sitting at $12,000 for a full coin, you can just buy $10 worth if you want to.
How Much Money Should You Bet on Bitcoin?
Whether you consider Bitcoin a straight-up gamble or an investment, the bottom line is you should only pour money and that you can afford to live without. As the price continues to rise many of the most bullish proponents of Bitcoin and its underlying technology are coming out of the woodwork, but ultimately, nobody knows what the future holds. Either way, if wealthy innovators like Portnoy, the Winklevoss twins or Elon Musk have anything to say about it, the future is likely littered with gold. Digital or otherwise.