Barstool Sports activities founder and social media character Dave Portnoy has doubled down on his crypto investments, revealing throughout a livestream on February 3 that he bought a further $1 million price of XRP.
Why XRP?
Portnoy, identified for his unapologetic strategy to buying and selling and playing, made the announcement as he mentioned Monday’s market’s downturn. “Okay, right here’s my announcement. I simply purchased one other million of XRP,” he mentioned.
This isn’t the primary time Portnoy has made waves with a high-stakes crypto funding. In mid-December 2024, he disclosed on a livestream that he had already collected $1.3 million price of XRP, alongside $1.5 million in Bitcoin.
Throughout that livestream, Portnoy expressed his frustration with lacking out on early rallies however maintained his dedication to long-term holds slightly than energetic buying and selling. “I do know XRP is up over 400%… I’m at all times late to those runs. I’m simply gonna wager it and set it. I’m not buying and selling, I’m simply gonna maintain it.”
His funding philosophy seems to lean towards high-risk, high-reward performs, with XRP being his chosen asset for outsized beneficial properties. “As a gambler myself, I would like the 10X coin like XRP. Bitcoin gained’t try this anytime quickly.”
Portnoy’s first buy coincided with the launch of RLUSD (Ripple USD), a stablecoin aimed toward enhancing liquidity throughout the ecosystem. Acknowledging the rising pleasure round RLUSD, Portnoy highlighted XRP’s speculative potential.
Ripple’s authorized battle with the SEC has been a vital issue contributing to the value surge previously months. Many merchants, together with Portnoy, see the asset as a high-risk, high-reward wager as a result of ongoing regulatory developments, doubtlessly an finish to the case below the brand new SEC chairman Paul Atkins.
Portnoy’s newest $1 million acquisition got here amid Monday’s market pullback, with Bitcoin and altcoins experiencing a pointy drop adopted by steep restoration rallies. The altcoin noticed a pointy decline after a multi-month surge, however printed a extremely bullish each day candle with a 32% wick.
The downturn could be attributed to the market’s response to President Donald Trump’s implementation of tariffs on imports from Mexico and Canada. The announcement of those tariffs, which included a 25% tariff on items from each nations and a ten% tariff on Canadian vitality and oil, despatched shockwaves by the complete monetary market.
This drop was a part of a broader crypto market correction, with Bitcoin additionally falling as little as $91,200, and different altcoins like Ethereum and Dogecoin seeing double-digit plunges. The crypto market confronted over $2 billion in liquidations, highlighting the panic and uncertainty these tariffs launched into the market. Nevertheless, the reversal was fast when Trump introduced the primary cope with Mexico.
At press time, XRP traded at $2.66.
Featured picture from YouTube, chart from TradingView.com