Barstool’s Portnoy thought Bitcoin was a ‘Ponzi scheme’ when first introduced

Barstool Sports creator and CEO Dave Portnoy stated he believed Bitcoin Had been a”Ponzi scheme” if the cryptocurrency was initially introduced, but he”clearly” would not state Bitcoin”was a scam ”

Portnoy noted That he’s”come about” on Bitcoin at a Thursday appearance on”Varney & Co.” His upgraded stance has been shared in reaction to Donald Trump’s remarks on the cryptocurrency three times ahead if the president advised host Stuart Varney it appeared as a”scam”

“The Money of the world ought to be the buck. And I really don’t believe we ought to have each one the Bitcoins of earth on the market. I believe that they should govern them veryhigh,” Trump told Varney on Monday including,”it takes off the edge of their dollar and also the significance of the dollar”

Portnoy stated when Bitcoin very first surfaced,”that I was not too far away from Donald.”

“I Believed when Bitcoin was initially introduced for a very long period which it was a Ponzi scheme,” he continued. “I have come about it and whatever motive it began for, in this time, it is too broadly accepted; there is [sic] too many folks using it, also many large men and women think in it, also many shops taking it. There is liquidity. You’re able to get in and out of it easily.”

“I really don’t understand what it began since, but I surely would not say it is a scam today,” he worried.

Bitcoin Has dropped from the record high of $64,829 into the 36,000 degree, but remains up approximately 27% Nominal at Thursday, based on Coindesk.

Portnoy noted you need to have patience with cryptocurrencies and maintain it”for the game”

Bitcoin along with other cryptocurrencies stay unregulated inside the U.S. fiscal system.

Portnoy shared the sole cryptocurrencies he’s money invested in are Bitcoin along with SafeMoon.

Last Month, Portnoy spoke his Travels perspectives on the cryptocurrency SafeMoon using Varney. He said in a movie he had bought 40,000 of this coin and advised Varney a month and revealed on Thursday that he planned on holding to this cryptocurrency for several years.

Portnoy Explained in May that he had done a little bit of study and enjoyed the”notion of SafeMoon” prior to buying the crypto, imagining , because then, it’s been”a crazy ride”


On Thursdayhe told Varney he had been”down 50 percent,” but was not likely to sell his holdings from SafeMoon.

“I have Said I’m doing it for long run – so it has been a small rocky road, but that is the essence of the monster when you become involved with these kinds of coins,” Portnoy informed Varney. “SafeMoon will eventually land on the moon and now that I will be present to throw a holiday party as it will, but it is down.”

He then noted he Isn’t losing Fascination with cryptocurrencies despite being”down,” and pointed into the Bitcoin 2021 convention, that happened in Miami, Fla. on the weekend, even as proof that individuals are gaining attention from the cryptocurrency.

Seminar organizers estimated roughly 50,000 People attended to chat about Bitcoin’s fast expansion and possibly promising potential.

Portnoy said he didn’t attend the seminar, But said he observed many men and women that had been at Miami to the event outside in the roads, at nightclubs and restaurants.

“That which was occupied,” Portnoy informed Varney. “People were using crypto.”

“Crypto Is not going anyplace,” Portnoy reasoned, though he confessed that, “it is Difficult to brag about how good everything is about when you’re down 50%”