In a surprising turn of events at CoinDesk’s Consensus 2025, Barstool Sports founder Dave Portnoy revealed his bullish stance on XRP, suggesting the cryptocurrency could follow Bitcoin’s historic price trajectory. Speaking at the Metro Toronto Convention Centre, Portnoy admitted that fear of missing out (FOMO) drove his recent XRP investment, currently trading at $2.40.
This development comes as analysts project potential XRP price targets above $3.30, adding weight to Portnoy’s speculative outlook.
Understanding Portnoy’s XRP Investment Thesis
Portnoy’s interest in XRP stems from a combination of market timing and personal experience with crypto investments. His candid admission that “Even Bitcoin is, frankly, a memecoin” reflects a broader perspective on cryptocurrency market dynamics that has evolved since his initial Bitcoin purchase at $10,000.
The FOMO Factor in Crypto Markets
The entrepreneur’s crypto journey highlights a common theme in digital asset investing – the fear of missing out on potentially life-changing returns. His missed opportunity with Bitcoin, which could have yielded approximately $2 million in profits, now drives his XRP position.
Market Implications and Technical Analysis
While Portnoy’s investment strategy is admittedly based on FOMO rather than technical analysis, recent market data suggests a potential bullish reversal for XRP. The current price level of $2.40 represents a critical juncture for the asset.
FAQ Section
Why is Dave Portnoy investing in XRP?
Portnoy cites FOMO as his primary motivation, comparing XRP’s current price point to Bitcoin’s early days.
What is Portnoy’s previous crypto experience?
He previously invested in Bitcoin at $10,000 but sold after a meeting with the Winklevoss twins.
What is the current XRP price target?
While Portnoy hasn’t specified a target, some analysts project potential moves above $3.30.
At press time, XRP continues to trade at $2.40, as market participants closely monitor whether Portnoy’s speculative outlook will materialize into significant price action.