Emily Walker
Dave Portnoy, the founder of Barstool Sports and a prominent social media figure, has increased his cryptocurrency investments, announcing during a live stream on February 3 that he has acquired an additional $1 million in XRP.
Rationale Behind XRP Purchase
Known for his straightforward style in both trading and gambling, Portnoy made this revelation while talking about the recent downturn in the market. “Here’s my big news: I just bought another million in XRP,” he declared.
This move isn’t Portnoy’s first significant investment in cryptocurrency. Back in mid-December 2024, he shared that he had already amassed $1.3 million in XRP along with $1.5 million in Bitcoin.
During that earlier stream, Portnoy voiced his annoyance at missing earlier profit opportunities but reaffirmed his strategy of holding assets long-term instead of frequently trading. “I know XRP has increased over 400%… I’m always late to these surges. I’m just going to invest and hold. No active trading for me,” he stated.
His investment style is clearly inclined towards choosing high-risk, high-gain opportunities, with XRP as his asset of choice for substantial returns. “As a gambler, I prefer the potential for a 10X return, which XRP can offer. Bitcoin won’t get there anytime soon,” he explained.
Portnoy’s initial investment coincided with the introduction of RLUSD (Ripple USD), a stablecoin designed to improve liquidity in the ecosystem. He acknowledged the excitement around RLUSD and reiterated XRP’s speculative appeal.
The ongoing legal dispute between Ripple and the SEC has significantly impacted XRP’s price surge in recent months. Many in the trading community, including Portnoy, view this cryptocurrency as a high-stakes bet due to the potential changes in regulatory conditions, especially with the new SEC chair Paul Atkins possibly signaling a resolution to the case.
His latest investment of $1 million came during a market pullback on Monday, where Bitcoin and other altcoins experienced significant declines but then rebounded sharply. XRP saw a notable drop after several months of increases but also exhibited a notably bullish daily performance with a 32% recovery.
This drop in the market was influenced by President Donald Trump’s announcement of tariffs on imports from Mexico and Canada, which included a 25% tariff on goods and a 10% tariff on Canadian energy, causing major disruptions in the financial landscape.
This decline was part of a larger correction in the crypto market, with Bitcoin plummeting to as low as $91,200 and altcoins like Ethereum and Dogecoin experiencing large losses. The situation led to over $2 billion in liquidations, underscoring the fear and uncertainty injected into the market by the tariff announcement. However, the market quickly stabilized after Trump revealed an initial agreement with Mexico.
As of the latest update, XRP was trading at $2.66.