Dave Portnoy, the founder of Barstool Sports, had recently stated that he disagrees with the stance taken by the former president of the United States, Donald Trump, about whether the world’s flagship cryptocurrency, Bitcoin (BTC), is a scam or not.
Dave admitted that much like so many others, he was skeptical of Bitcoin when it had initially launched over a decade ago and was being bought for mere pennies. Dave had considered Bitcoin to be a sort of ‘Ponzi scheme’ at the time, however as the years progressed and Bitcoin managed to steadily gain increased momentum and success over the years, it became apparent that BTC and cryptocurrencies were indeed here to stay. This ultimately led to Dave opposing Donald Trump, someone who had made it known that he was not a fan of Bitcoin or cryptocurrencies in general.
Bitcoin is not what Donald Trump thinks it is
As previously mentioned, Dave had thought that Bitcoin was a Ponzi scheme at first. However, he eventually realized its true merit. He has since stated that it has been widely accepted, with a massive amount of people supporting it and an abundance of use cases at a smaller retail level. He also said that it possesses liquidity.
Donald Trump had recently gone on the record to claim that Bitcoin appears to be a scam to him and is essentially trying to challenge the United States dollar (USD). Dave acknowledged the fact that he may have found himself agreeing with the former president in the past. However, Bitcoin is certainly not a scam as of right now.
Furthermore, Dave had also offered his thoughts on the current state of the cryptocurrency market and its recent decline. He hopes that digital assets will be able to increase in fiat currency value sooner rather than later. He emphasized that investors should do everything possible to hold for the long term, as while he does believe that cryptocurrencies are here to stay, it can be a bit difficult and frustrating to be actively involved in trading when the market is in decline.
Dave’s previous thoughts on BTC
Although he might be supportive of Bitcoin now, this was not always the case for Dave Portnoy, as just last year he had highlighted the fact that people should be skeptical of BTC due to the anonymity surrounding its creator, Satoshi Nakamoto.
Dave had also invested in Bitcoin in the past but had suffered heavy losses, which had prompted him to not want to invest in the digital asset again. Since then, however, things have certainly changed, and Dave now supports BTC and has even gone as far as to say his previous stance on Bitcoin was completely wrong.