Crypto Exchange Kraken Paid Dave Portnoy Bitcoin in Sponsorship Deal

The chief of Barstool Sports, Dave Portnoy, has made it clear that while he wouldn’t consider purchasing Bitcoin (BTC) at its current price levels, he is “always” open to accepting it as a form of payment. “I believe in it that much,” he stated.

Portnoy shared that he took a substantial portion of his sponsorship deal with the crypto exchange Kraken in Bitcoin. According to his remarks to CoinDesk, Kraken compensated him directly in cryptocurrency alongside traditional currency, although both parties chose not to disclose the exact financial details involved in the agreement.

As a self-described “day trader,” Portnoy has been actively attempting to navigate the Bitcoin market since mid-2020, though his efforts have often led to losses from buying at high prices and selling at lower ones. With Bitcoin currently priced over $60,000, he feels that it’s too steep for his liking. “I’d just hate myself if I bought a significant amount now and it dropped,” he expressed, emphasizing the psychological toll it would take on him.

Nonetheless, he maintains a positive outlook on accepting Bitcoin for payments, having done so when Kraken began sponsoring his “Davey Day Trader Global” (DDTG) livestream in February.

While Bitcoin was initially promoted as a form of peer-to-peer electronic cash, it is rarely used as such. Often, celebrity athletes enter “paid in Bitcoin” sponsorships that typically involve converting cash payments into cryptocurrency, unlike the direct Bitcoin compensation Portnoy received from Kraken.

Ultimately, Bitcoin continues to draw in everyday investors, including Portnoy, who see it as a promising investment opportunity. He is particularly optimistic that if pro-Bitcoin Republican Donald Trump secures the presidency in November, Bitcoin will see significant gains. However, Portnoy humorously acknowledged, “I’m always wrong.”