Crypto Exchange Kraken Paid Dave Portnoy Bitcoin in Sponsorship Deal

The Barstool Sports leader received a significant portion of his sponsorship agreement from Kraken in Bitcoin, according to Portoy’s statement to CoinDesk. Kraken transferred the digital currency and US dollars directly to him. Neither party was willing to disclose the exact monetary amount involved in the deal.

In his role as a day trader, Portnoy has attempted to time transactions in the bitcoin market since the middle of 2020, frequently suffering losses by buying at peak prices and selling at lower ones. The current price exceeding $60,000 is unappealing to him. “I’d merely dislike myself. If I were to purchase a large amount of it now, and it subsequently decreased in value, we would encounter issues in my psyche.”

Despite Portnoy’s assertion, he remains open to accepting bitcoin as a form of payment, expressing a strong belief in its potential: “I have no hesitation in doing so.” This action was taken in February when Kraken became the sponsor for his “Davey Day Trader Global” livestream.

As a researcher studying the intricacies of digital currencies, I’ve noticed an intriguing paradox: Although Bitcoin was initially marketed as peer-to-peer electronic cash, it is rarely perceived or used as a traditional form of money. While there are instances of high-profile athletes endorsing brands in exchange for Bitcoin, these transactions often entail converting cash payments into cryptocurrency instead of receiving Bitcoin directly. For instance, Kraken, the digital asset exchange, paid Portnoy in Bitcoin, but it was likely that they had first converted their fiat currency to Bitcoin before making the payment.

Instead, bitcoin attracts everyday investors who, like Portnoy, think “it’s a good investment.”

As a researcher studying the intersection of politics and finance, I’ve come across an intriguing perspective from a pizza reviewer named Portnoy. He’s making a prediction that if pro-bitcoin Republican Donald Trump wins the U.S. presidential election in November, there could be significant market disruption, which he metaphorically describes as “it’s gonna rip.” However, it is important to note his cautionary statement: “I’m always wrong.”