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Crypto Exchange Kraken Paid Dave Portnoy Bitcoin in Sponsorship Deal
The Barstool Sports chief wouldn't buy at BTC's current prices, but he's "always" willing to take it as payment. "I believe in it that much."
Updated Jul 18, 2024, 4:24 p.m. Published Jul 18, 2024, 3:59 p.m.
Dave Portnoy isn't buying bitcoin at these prices. Accepting it as payment? That's another story.
The Barstool Sports chief took "a big portion" of his sponsorship deal with the crypto exchange Kraken in BTC, Portnoy told CoinDesk. Kraken paid him directly in the cryptocurrency along with dollars, the pair said. Neither party wanted to discuss how much money changed hands.
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Wearing his "day trader" hat, Portnoy has tried timing trades in the bitcoin market since mid-2020, often getting burned buying high and selling low. Its current price above $60,000 is too high for him. "I'd just hate myself. If I buy it right now – a ton of it – and it goes down, we'll have a problem in my brain."
Still, Portnoy said he's "always" willing to take bitcoin as payment: "I believe in it that much." He did so in February when Kraken began sponsoring his "Davey Day Trader Global" (DDTG) livestream.
Despite its original billing as peer-to-peer electronic cash, bitcoin is seldom treated as a form of money. The occasional celebrity athlete signs a "paid in bitcoin" sponsorship. Those usually involve turning cash checks into crypto, as opposed to getting paid in bitcoin itself, as Kraken did for Portnoy.
Instead, bitcoin attracts everyday investors who, like Portnoy, think "it's a good investment."
The pizza reviewer is betting "it's gonna rip" if pro-bitcoin Republican Donald Trump wins the U.S. presidential election in November, as Portnoy believes he will. But Portnoy cautions: "I'm always wrong."
Read more: 'It's a Bitcoin Play': Mark Cuban Says Silicon Valley's Embrace of Trump Revolves Around Crypto
CORRECTION (July 18, 2024, 16:23 UTC): Fixes misspelling of Dave Portnoy's last name in second paragraph.
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