Barstool Sports founder and CEO Dave Portnoy said that he thought Bitcoin was a “Ponzi scheme” when the cryptocurrency was first introduced, but he would “definitely” not say Bitcoin is “a scam now.”
Portnoy noted that he “came to his senses” on Bitcoin on Thursday in his talk at Varney & Co. His updated stance was split in response to Donald Trump’s comments on cryptocurrency three days earlier, when the former president told host Stuart Varney that it looked like a “scam.”
“The currency of this world should be the dollar. And I don’t think we should have all the bitcoins in the world. I think they need to regulate them very, very high, “Trump told Varney on Monday, adding,” it diminishes the dollar’s advantage and the dollar’s importance. “
When Bitcoin was first born, Portnoy said, “I was close to Donald.”
“When Bitcoin was first introduced and for a long time I thought it was a Ponzi scheme,” he continued. “I came to the conclusion that for whatever reason it started, it is too widely accepted at this point; there is [sic] too many people use it, too many big people believe it, too many stores accept it. There is liquidity. You can easily get in and out of it. ”
“I don’t know how it started, but now I wouldn’t say for sure that this is a scam,” he stressed.
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Bitcoin has dropped from a record $ 64,829 to $ 36,000, according to Coindesk, but is still growing about 27% YTD as of Thursday.
Portnoy noted that you need to be patient with cryptocurrencies and stay in it “for many years.”
Bitcoin and other cryptocurrencies remain unregulated in the US financial system.
Tailor shared that the only cryptocurrencies he has invested in are Bitcoin and SafeMoon.
Portnoy discussed with Varney his optimistic views on SafeMoon cryptocurrency last month. In the video, he stated that he bought $ 40,000 worth of coins, and told Varney last month and reiterated on Thursday that he plans to hold onto the cryptocurrency for years.
Back in May, Portnoy said he did a little research and liked the “SafeMoon concept” before buying the cryptocurrency, noting that it has been a “wild ride” since then.
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On Thursday, he told Varney that his shares were “down 50%,” but he never intends to sell his assets in SafeMoon.
“I said I was doing this in the long run – so it was a bit of a thorny road, but that is the nature of the beast when you associate with these types of coins,” Portnoy Varney said. “SafeMoon will eventually land on the moon, and I’ll be there to have a yacht party when that happens, but it doesn’t work.”
Subsequently, he noted that he has not lost interest in cryptocurrencies, despite the fact that he “fell”, and pointed to the Bitcoin 2021 conference, which took place in Miami, Florida, last weekend, as evidence that people are showing interest in cryptocurrency. …
The conference organizers estimate that about 50,000 people have gathered to talk about Bitcoin’s rapid growth and a potentially promising future.
Portnoy said he was not present at the conference, but mentioned that he saw many people who were in Miami at the event in the streets, restaurants and nightclubs.
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“Everything was busy,” said Tailor Varney. “People used cryptocurrency.”
“Crypto is not going anywhere,” Portnoy concluded, although he admitted that “it’s hard to brag about how good things are when you’re down 50%.”
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Suzanne O’Halloran of Fox Business contributed to this report.