Barstool Sports Founder Wants In On Bitcoin, But Is Now The Time To Bet On It?

Barstool Sports Founder Wants in On Bitcoin

David Scott Portnoy is the founder and president of Barstool Sports, a social media-friendly sports blog that highlights the most trendy sports content all across the globe in viral videos and quick-read blog posts. Not only is Portnoy a well-known and wealthy figure in the sports media realm, he also happens to have a few friends in the Bitcoin game. That’s if we consider people on Twitter to be friends, and the people being tweeted at are Tyler and Cameron Winklevoss, two of the wealthiest people in both Bitcoin and business.

Earlier this month, Portnoy tweeted that he’s officially inviting the twins over to his office to explain how Bitcoin and the blockchain works. He’s not the only one asking about it – more and more people are as the price of the cryptocurrency continues to rise. After dropping down to a price as low as $3,100 in March of this year thanks to the fallout from the coronavirus pandemic and bouncing around between the $9,000 and $10,000 mark for most of the summer, Bitcoin is now flirting with a $12,000 high for the year.

Why Portnoy’s Interest Is Important

Portnoy’s desire to learn more about Bitcoin was expressed in a series of tweets where he jokingly asks basic questions out loud, saying that he’s got coins but “they’re stuck in the ether somewhere.” It was then that Tyler Winklevoss reached out and confirmed that he would help.

The reason Portnoy’s interest matters is not just because he’s a successful entrepreneur with money. He also has 1.7 million followers on Twitter. That’s not something to sneeze at, and although most people probably don’t make their investing or gambling decisions based on tweets, the crypto world can certainly function differently.

One Way Crypto Veterans Determine If a Project Is Worth Investing In

One of the unique things about Bitcoin and other digital currencies is that tracing the success of some of these projects and trying to predict it can partly be done using not only the fundamental aspects of the projects or the basics of gambling/investing, but also just by looking at what communities online are saying about them.

Twitter, Reddit and the world’s most popular Bitcoin forum, BitcoinTalk.org, can give you a sense of whether or not people are actually talking about a project on a wide scale.

Now of course just because a few geeks on one of these websites start a thread that takes off doesn’t mean you’re making the right investing decision. But when more and more influencers start talking about Bitcoin en masse, it’s actually a sign that the thought leadership surrounding cryptocurrency is starting to leak into popular culture and social media, and not just sitting inside the minds of some brilliant blockchain geniuses that none of us understand.

Given that the market value of Bitcoin and all other digital currencies seems to be rapidly increasing this summer, it makes complete sense that the fear of missing out is actually kicking in. Whether or not now is the right time to buy is anybody’s guess.

Things to Consider If You Bet Big on Bitcoin Now

Remember, while you do miss 100 percent of the shots you don’t take, the truth is that what goes up must come down. At the moment, index funds, gold, stocks and even the collectibles of athletes currently playing in the NBA bubble are skyrocketing in value. If you choose to invest in Bitcoin now, be sure to hedge your bet. Still keep investing in the bankroll you maintain in good old-fashioned dollars. Remember to keep some money aside to pay your bills and feed yourself, and also put money into other assets as well.

Only time will really tell if buying now is the right decision, but if history is any indicator, the short term is always a wild ride and the real value comes in the long term.