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Dave Portnoy Pipes Up: ‘I Didn’t Doubt Bitcoin, FTX Owes Me $1 Million’

2 mins
Updated by Kyle Baird
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In Brief

  • Dave Portnoy spoke out against the Bitcoin 'memers' poking fun at him for no longer holding and trading BTC.
  • Portnoy exclaimed that he never doubted Bitcoin, but the FTX collapse cost him $1 million in funds.
  • The Sam Bankman-Fried trial is approaching sentencing, SBF faces anywhere from five to 110 years in prison.
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Dave Portnoy, the Barstool Sports founder known for his unfiltered commentary, recently vocalized his frustrations with the Bitcoin community.

He specifically blamed the embattled FTX exchange and its founder, Sam Bankman-Fried (SBF), for his discouragement.

Dave Portnoy’s Bitcoin Love-Hate Relationship

Portnoy, who has navigated the highs and lows of crypto investing with both enthusiasm and skepticism, declared,

“I didn’t doubt Bitcoin.”

Portnoy’s foray into the crypto has been marked by notable volatility. His initial investment journey began in 2017, encouraged by a tutorial session with the Winklevoss twins.

Despite an early retreat triggered by the market’s instability, he re-entered with a significant investment in Bitcoin in 2022, aiming to capitalize on a dip in its value. However, the subsequent downfall of FTX, coupled with a premature conversion of his Bitcoin holdings to cash, spotlighted the perils of the crypto market, exacerbating Portnoy’s financial woes.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

In a candid expression of his ordeal, Portnoy lambasted SBF, referring to him with colorful language and labeling him directly responsible for his financial misfortune. He vented his frustration over the perceived betrayal and underhandedness of FTX’s operations under Bankman-Fried’s leadership.

“That fat [expletive] with the curly hair, SBF (Sam Bankman-Fried), that scumbag, [expletive] me. So FTX owes me like a million bucks,” Portnoy articulated.

Sam Bankman-Fried Sentencing Imminent

The backdrop of this dispute is Bitcoin’s remarkable recovery to a long-term high of $63,800, juxtaposed against Portnoy’s personal losses and the broader narrative of FTX’s collapse. This stark contrast underscores the inherent risks and rewards of the crypto market, highlighting how quickly fortunes can change.

The legal quagmire surrounding SBF and FTX deepens the saga. With Bankman-Fried facing a potential century-long sentence, the discourse around justice and accountability in the crypto domain intensifies.

Read more: Who Is Sam Bankman-Fried (SBF), the Infamous FTX Co-Founder?

Court sketch of Sam-Bankman Fried (SBF) facing questioning from prosecutors. Source: Reuters
Court sketch of Sam-Bankman Fried (SBF) facing questioning from prosecutors. Source: Reuters

This legal standoff has captured the attention of investors and regulators alike. It also poses critical questions about the future regulation and oversight of digital assets.

Portnoy’s blunt critiques of SBF and his own tumultuous crypto journey serve as a potent reminder of the speculative nature of crypto investments.

His story is a testament to the unpredictable dynamics of the crypto market, where investor fortunes can swing wildly on the pendulum of technological promise and regulatory uncertainty.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.