Dave Portnoy Holds Millions In Bitcoin And XRP, But Here's Why He Concluded His Heart Is 'Too Big For This Space'

Barstool Sports founder Dave Portnoy is doubling down on his commitment to the meme coin Stool Prisondente JAILSTOOL/USD, even as traders question its future.

What Happened: Portnoy, who initially invested hundreds of thousands of dollars in the token, insists he remains committed, despite the coin's struggles.

In an X post Monday evening, he emphasized his dedication, saying, “The fact I'm still putting my own money into #Jailstool cause I don't want people losing money shows that my heart is too big for this stupid space. I need a blacker heart. Rise #Jailstool rise.”

His statement comes after scrutiny from crypto traders, some of whom argue that Jailstool's decline has hurt retail investors.

However, Portnoy maintains he's stayed true to his word, refusing to take early profits and continuing to support the project.

"I put 100's of thousands of my own money into #Jailstool and promised up to 1 million more as it grew," Portnoy wrote in another post. "I coulda cashed out for 6 million. I didn't. But I'm not just gonna promote forever for free while sharks eat Minos. I've done exactly what I promised to do like I always do. 100% transparent."

The price of Jailstool crashed around 82% on Monday evening European time to 2 cents, after making a high of 21 cents a day earlier, according to CoinGecko data.

Also Read: Strategy Acquires 7,633 Bitcoin For $742.4 Million, Boosts Holdings To 478,740 BTC

Why It Matters: Portnoy's approach has divided the crypto community.

Some traders see his investment as a genuine attempt to back the community, while others remain skeptical about his long-term credibility in the space.

Crypto analyst Stats said that Jailstool has nearly returned to its pre-promotion price, raising concerns about the effectiveness of Portnoy's marketing.

"His marketing plays didn’t work out. People lost real money (which is 100% their own fault). But I think his credibility in this space is pretty ruined," he wrote.

Others, like Kaleo, speculated that Portnoy might keep investing in Jailstool to try and stabilize its price.

"With how much he’s talked about ‘not even thinking of selling this until it hits >$500M,' feels like there’s a solid chance he lets his pride get the best of him," Kaleo tweeted, predicting that if Portnoy loses money, he'll turn against meme coins altogether.

Despite the backlash, Portnoy remains a major investor in Bitcoin BTC/USD and XRP XRP/USD, recently revealing that he holds $1.5 million in Bitcoin and $1.3 million in XRP.

His Bitcoin investment followed a conversation with Strategy Inc. MSTR chairman Michael Saylor, who convinced him of Bitcoin's long-term value.

During their interview, Saylor explained Bitcoin through sports analogies, saying, "Satoshi created a game that is rigged in favor of the individual… Bitcoin is that game."

Portnoy, once a skeptic, has since embraced Bitcoin, stating, "I’m gonna bet it and set it, not trading."

However, his latest Jailstool debacle has reignited doubts about his role in crypto, with many traders now questioning whether he should be taken seriously in the space.

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