Barstool Sports founder Dave Portnoy has once again made a bold move in the crypto market, revealing in a livestream on February 3 that he purchased an additional $1 million worth of XRP. This comes after his initial investment of $1.3 million in XRP and $1.5 million in Bitcoin back in December 2024.
Portnoy, known for his high-risk, high-reward approach to investing, sees XRP as a potential “10X coin” and believes it has more upside potential than Bitcoin in the short term. His latest purchase coincided with a market-wide pullback, which saw Bitcoin and altcoins experience sharp drops followed by steep recovery rallies.
The crypto market’s downturn can be attributed to President Donald Trump’s announcement of tariffs on imports from Mexico and Canada, which sent shockwaves through the financial markets. Despite the uncertainty, Portnoy remains committed to his long-term holds and is not actively trading his positions.
Portnoy’s bullish stance on XRP is likely influenced by the ongoing legal battle between Ripple and the SEC, as well as the recent launch of Ripple’s stablecoin, RLUSD. Many traders, including Portnoy, see XRP as a high-risk, high-reward bet due to the potential for a favorable resolution to the SEC case under the new chairman, Paul Atkins.
As the crypto market continues to navigate regulatory hurdles and macroeconomic factors, Portnoy’s $1 million bet on XRP highlights the speculative nature of the space and the potential for significant gains or losses. With XRP trading at $2.66 at press time, all eyes will be on the altcoin’s performance in the coming weeks and months.
Tags: Dave Portnoy, XRP, Ripple, crypto market, altcoins
Source: https://bitcoinist.com/barstool-dave-portnoy-buys-xrp-dip/