Barstool's Portnoy makes $1M Bitcoin investment, says it's 'here to stay'

Barstool Sports founder Dave Portnoy, who admitted to once being skeptical of Bitcoin, discussed the future of the cryptocurrency on Friday amid its recent slide, noting that he believes it is "here to stay." 

Portnoy offered the insight speaking on "Varney & Co." on Friday, acknowledging that he recently bought 29 bitcoin for about $1 million. 

"I’m not doing anything with these," he told host Stuart Varney on Friday. 

"I’ve been in and out of bitcoin," he added. "I bought it when it was $11,000. I sold it the next day. I got mocked across the Internet for doing that. People called me paper hands."

"I was waiting for my reentry point," Portnoy continued. "Fool me once, shame on you, fool me twice, shame on me. I’m in for the long haul."

Cryptocurrency was trading higher Friday afternoon for all the major coins, with bitcoin up nearly 10% trading at $40,416. 

Bitcoin had been struggling recently along with equities as the Federal Reserve sets out its roadmap to raise rates.

The Federal Reserve last week signaled it could "soon" raise interest rates for the first time in three years, paving the way for a March liftoff as policymakers seek to keep prices under control and combat the hottest inflation in nearly four decades.

A rate increase would mark the first since December 2018. 

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Bitcoin started February, a seasonally strong month for speculative assets, in positive territory, as investors seemed ready to increase their exposure to risk assets, Coindesk reported.

Bitcoin, which hit an all-time high in 2021 of $68,990, has dropped about 11% so far this year, according to data provided by Coindesk.

Speaking with Varney in June, Portnoy admitted that he thought Bitcoin was a "Ponzi scheme" when the cryptocurrency was first introduced, but he "certainly" wouldn't say it "is a scam now." 

Portnoy noted that he has "come around" on Bitcoin. His updated stance was shared in response to Donald Trump’s comments on the cryptocurrency three days prior when the former president told host Stuart Varney it seemed like a "scam."  

Bitcoin and other cryptocurrencies remain unregulated within the U.S. financial system. 

Portnoy shared that the only cryptocurrencies he has money invested in are Bitcoin and SafeMoon. 

In May, Portnoy discussed his bullish views on the cryptocurrency SafeMoon with Varney. He stated in a video that he had purchased $40,000 of the coin and told Varney that he planned on holding on to it for years. 

Portnoy said back in May that he'd done a bit of research and liked the "concept of SafeMoon" before purchasing the crypto, noting that, since then, it has been "a wild ride."

On Friday, he admitted that he "took a bath on SafeMoon" and gets the skepticism surrounding smaller coins. He told Varney on Friday that he still holds SafeMoon, but has more confidence in Bitcoin. 

"Bitcoin’s here to stay," he stressed. 

"It’s not going anywhere," he added. "Too many big players are in."

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Portnoy admitted that he hasn’t figured out Bitcoin and other cryptocurrencies, but he has figured out the appeal. 

"[Bitcoin is] widely adopted. You see main institutions getting in."

"It’s the future so everybody I talk to, everybody has some," Portnoy continued. "I think you’re an idiot if it’s not part of your portfolio. Whether it should be all of it, probably not."

He then noted that he is going to "build" on the 29 coins he recently purchased, predicting that he will own "a billion dollars worth of bitcoin" in 30 years. 

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FOX Business’ Ken Martin contributed to this report.