Blockchain
Crypto Exchange Kraken Paid Barstool Sports’ Dave Portnoy Bitcoin (BTC) in Sponsorship Deal
Dave Portnoy doesn’t buy bitcoin (BTC) at these prices. Accepting it as payment? That’s another story.
The Barstool Sports boss took “a big chunk” of his endorsement deal with cryptocurrency exchange Kraken in BTC, Portnoy told CoinDesk. Kraken paid him directly in cryptocurrency along with dollars, the pair said. Neither side would discuss how much money changed hands.
Wearing his “day trader” hat, Portnoy has been trying to time his trades in the bitcoin market since mid-2020, often getting burned by buying high and selling low. Its current price above $60,000 is too high for him. “I would just hate myself. If I buy a ton right now and it goes down, we’re going to have a problem in my brain.”
However, Portnoy said he is “always” willing to accept bitcoin as payment: “I’m a big believer in it.” He did so in February, when Kraken began sponsoring his “Davey Day Trader Global” (DDTG) livestream.
Despite its original billing as peer-to-peer electronic cash, bitcoin is rarely treated as money. Every once in a while, a famous athlete signs a “paid in bitcoin” endorsement. These usually involve cash checks being converted into cryptocurrency, rather than being paid in bitcoin, as Kraken did for Portnoy.
On the contrary, bitcoin attracts ordinary investors who, like Portnoy, think “it’s a good investment.”
The pizza reviewer is betting that “it’s going to be a blast” if pro-bitcoin Republican Donald Trump wins the U.S. presidential election in November, as Portnoy believes he will. But Portnoy warns: “I’m always wrong.”
CORRECTION (July 18, 2024, 16:23 UTC): Fixes misspelling of Dave Portnoy’s last name in second paragraph.