Dave Portnoy: Crypto’s Masochist Millionaire

by

Barstool Sports founder Dave Portnoy is basically the crypto world’s version of that friend who insists on eating spicy food even though it makes him cry. Despite the crypto market doing its best impression of a rollercoaster on fire, Portnoy is doubling down on XRP and Bitcoin like they’re going out of style (spoiler: they’re not). His strategy? Buy low, buy lower, and then buy some more because apparently, he’s in it for the long haul-or maybe he just likes the thrill of watching his portfolio take a nosedive.

Dave Portnoy Adds XRP While the Crypto World Bleeds Out, Declaring ‘I’ll Keep Buying’

In a move that screams “I’m either a genius or I’ve lost it,” Dave Portnoy took to social media platform X (formerly known as Twitter, because why not add more confusion?) to share his latest financial decisions. Amidst the crypto market’s dramatic meltdown, Portnoy proudly announced new Bitcoin and XRP purchases. His philosophy? “Buy when there’s blood in the streets,” which is either a brilliant investment strategy or a cry for help. We’re not sure which.

He stated:

“Crypto is crashing but I’m still buying. Because apparently, I enjoy pain.”

In a video that should probably come with a trigger warning for anyone with a 401(k), Portnoy detailed his recent transactions. “Crypto is crashing, blood in the streets, that’s when you buy,” he said, sounding like a financial masochist. He dropped $1 million on XRP at $1.79, adding to his existing $1 million position from November. “I went into my Kraken app yesterday. $1.79. Bought a million dollars in XRP,” he explained, because why not throw good money after bad?

Portnoy admitted that prices were already slipping after his purchase, but he’s not sweating it. “Woke up. It was from $1.79, it was all the way down to $1.74, so I didn’t love that,” he said, proving that even millionaires can have a bad day. But fear not, he’s not changing his approach. Despite the drop, he’s still all in:

“That thing keeps falling. I’ll keep buying. Because I’m either a genius or I’ve lost my mind.”

He also dropped $500,000 on Bitcoin at $82,000, because why stop at one bad decision?

As of writing, XRP is trading near $1.43, marking a 10% daily decline and a 23% drop over the past week. The crypto market is officially in “extreme fear” mode, which is basically its natural state. Meanwhile, institutional investors are acting like they’re at a spa, with U.S. spot XRP ETFs stabilizing at a total Net Asset Value (NAV) of $1.11 billion. They’ve even recovered from a $93 million outflow in January, because apparently, they didn’t get the memo about the market being on fire.

Ripple, meanwhile, is out here living its best life. They’ve secured a full Electronic Money Institution license in Luxembourg, which is just a fancy way of saying they can now play with the big boys in the EU. They also tokenized $280 million in certified diamonds from the UAE on the XRP Ledger, because why not turn diamonds into digital assets? In other news, Ripple Prime added support for the Hyperliquid decentralized derivatives protocol, which is just a fancy way of saying they’re making it easier for institutions to play with their money.

FAQ ⏰

  • What did Dave Portnoy buy during the crypto crash?
    Dave Portnoy bought roughly $1 million in XRP and about $500,000 worth of Bitcoin during the crypto apocalypse.
  • At what prices did Portnoy purchase Bitcoin and XRP?
    He bought XRP near $1.79 and Bitcoin at approximately $82,000, because why not?
  • Why does Portnoy buy crypto during market declines?
    Portnoy believes heavy sell-offs and fear create attractive buying opportunities, or maybe he just likes the thrill of watching his money disappear.
  • Did prices fall after Portnoy’s crypto purchases?
    Yes, XRP dipped toward $1.74 shortly after, which Portnoy dismissed as normal volatility, or as he calls it, “Tuesday.”

Read More

2026-02-05 15:07