Barstool Sports founder and social media personality Dave Portnoy has doubled down on his crypto investments, revealing during a livestream on February 3 that he purchased an additional $1 million worth of XRP.
Why XRP?
Portnoy, known for his unapologetic approach to trading and gambling, made the announcement as he discussed Monday’s market’s downturn. “Okay, here’s my announcement. I just bought another million of XRP,” he said.
This isn’t the first time Portnoy has made waves with a high-stakes crypto investment. In mid-December 2024, he disclosed on a livestream that he had already accumulated $1.3 million worth of XRP, alongside $1.5 million in Bitcoin.
During that livestream, Portnoy expressed his frustration with missing out on early rallies but maintained his commitment to long-term holds rather than active trading. “I know XRP is up over 400%… I’m always late to these runs. I’m just gonna bet it and set it. I’m not trading, I’m just gonna hold it.”
His investment philosophy appears to lean toward high-risk, high-reward plays, with XRP being his chosen asset for outsized gains. “As a gambler myself, I want the 10X coin like XRP. Bitcoin won’t do that anytime soon.”
Portnoy’s first purchase coincided with the launch of RLUSD (Ripple USD), a stablecoin aimed at enhancing liquidity within the ecosystem. Acknowledging the growing excitement around RLUSD, Portnoy highlighted XRP’s speculative potential.
Ripple’s legal battle with the SEC has been a crucial factor contributing to the price surge in the past months. Many traders, including Portnoy, see the asset as a high-risk, high-reward bet due to the ongoing regulatory developments, potentially an end to the case under the new SEC chairman Paul Atkins.
Portnoy’s latest $1 million acquisition came amid Monday’s market pullback, with Bitcoin and altcoins experiencing a sharp drop followed by steep recovery rallies. The altcoin saw a sharp decline after a multi-month surge, but printed a highly bullish daily candle with a 32% wick.
The downturn can be attributed to the market’s reaction to President Donald Trump’s implementation of tariffs on imports from Mexico and Canada. The announcement of these tariffs, which included a 25% tariff on goods from both nations and a 10% tariff on Canadian energy and oil, sent shockwaves through the entire financial market.
This drop was part of a broader crypto market correction, with Bitcoin also falling as low as $91,200, and other altcoins like Ethereum and Dogecoin seeing double-digit plunges. The crypto market faced over $2 billion in liquidations, highlighting the panic and uncertainty these tariffs introduced into the market. However, the reversal was quick when Trump announced the first deal with Mexico.
At press time, XRP traded at $2.66.
Featured image from YouTube, chart from TradingView.com
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