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Bitcoin (BTC-USD) has “so much money behind it, it’s almost too big to fail, almost too big to go,” Barstool Sports’ Dave Portnoy said in one interview on the Fox Business Network while attending the Bitcoin 2022 conference in Miami. “So I believe in it.”
He is optimistic that the world’s largest crypto will gain traction as a means of payment. “It’s all about the Lightning Network, right…all about paying for bitcoin quickly so you can use it anywhere from McDonald’s to Walmart to anyone shopping,” he said.
However, volatility has worked against its use in payments. Bitcoin (BTC-USD), which was up earlier in the day, slips to ~$43,000 on Friday afternoon. In November, Bitcoin reached almost $68,000.
Portnoy said he has invested just over $1 million for the 29 bitcoins (BTC-USD) he owns. Currently 29 bitcoins (BTC-USD) are worth ~$1.25 million.
While he believes in bitcoin, Safemoon (SAFEMOON-USD) is a different story. “I bought $40,000 of it and now I have $2,000 left. So I got smoked on this one,” Portnoy said, adding that he knew it might have been junk when he bought it.
He also commented on Elon Musk’s purchase of Twitter (TWTR) stock, making Musk the largest shareholder in the social media platform. “I like the underlying philosophy of what he does – ‘If I don’t like you, I’ll buy you.’ I wish I could do that with everything.”
On Thursday, digital payments platform Strike announced a partnership with Shopify (SHOP) to allow merchants to accept Bitcoin (BTC-USD) payments as dollars via the Lightning Network.
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