Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Barstool Sports founder Dave Portnoy shared on a recent stream that he owns millions of dollars in Bitcoin (CRYPTO: BTC ) and XRP (CRYPTO: XRP ), which comes after he recently interviewed Bitcoin bull Michael Saylor.
What Happened : The price of the XRP token from Ripple has been soaring, and price and interest with the latest news of a USD-backed stablecoin called Ripple USD (CRYPTO:RLUSD) helping to carry the story forward to the end of the year.
XRP has soared over 100% in the last month and is up 260% year-to-date in 2024.
Don't Miss:
Among the holders of XRP is Portnoy, who shared in a stream this week that he owns $1.3 million XRP.
"I'm always late to these runs," Portnoy said in response to a viewer of his "Davey Day Trader Global" stream.
Portnoy also shared that he is holding his Bitcoin, saying he had 15 BTC, worth around $1.5 million.
"I'm gonna bet it and set it, not trading," Portnoy said of the cryptocurrencies.
See Also: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O’Reilly and Rudy Giuliani are using this platform to create customized gold IRAs to help shield their savings from inflation and economic turbulence.
During the streams, Portnoy also discussed the optimism for Ripple and XRP thanks to the launch of the stablecoin, while adding that RLUSD was not a hidden thing.
"Already so much hype."
During a stream this week, Portnoy took on the "suits" and members of Wall Street who dismiss his opinions and trading activity.
Portnoy, who said he was on the show "Billions" and in the movie "Dumb Money," said if you follow the advice on the DDTG streams, your investments would be "through the moon."
"I'm at a 97% hit rate."
Trending: Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!
Why It's Important : Portnoy's public support for Bitcoin and XRP comes after he recently interviewed Saylor, the chairman of MicroStrategy.
The Barstool Sports founder asked Saylor, who is known as one of the biggest Bitcoin bulls, to explain Bitcoin to him in a way he can understand. The interview came after Portnoy confessed to selling his Bitcoin after the Winklevoss twins confused him back in 2020.
Saylor shared several sports metaphors to help explain Bitcoin and its future to Portnoy.
“There’s some games you can’t play, but can watch,” Saylor said.
He noted that if a team you follow starts winning frequently, season ticket prices could rise, making it a game you can observe but not influence. Other games, Saylor added, might be playable but are inherently biased, like casino games designed to favor the house.
“Satoshi created a game that is rigged in favor of the individual. Satoshi gave us a game we can all win. Bitcoin is that game,” Saylor said of the pseudonymous creator of Bitcoin.
Trending: Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – The deadline to invest and receive your shares this year is 12/20. Join 30,000+ shareholders and invest at $0.26/share today.
Saylor said with Bitcoin you could be winning the game over time. He then dropped an analogy of playing alongside two of the greatest NBA players of all time.
“Wouldn’t it be great if you had a basketball team, you had LeBron James, you had Michael Jordan , you had the digital version of them and they play forever. You can get on the court and play with them.”
Saylor said that James and Jordan might score 100 points and you might score only two, but you’re “getting rich together.”
Portnoy's investment in XRP might come as a surprise to the cryptocurrency community and comes after Saylor essentially told him to just buy Bitcoin and not worry about other investments.
The Ripple stablecoin launched this week and could bring optimism to Ripple and XRP. Ripple plans to use RLUSD for decentralized financial protocols, cross-border settlements and financial applications. Ripple will also integrate RLUSD for global payments for enterprise clients starting next year.
Looking For Higher-Yield Opportunities In A Shifting Market?
The changing interest rate environment has created an incredible opportunity for income-seeking investors to earn massive yields, but not through dividend stocks... Certain private market real estate investments are giving retail investors the opportunity to capitalize on these high-yield opportunities and Benzinga has identified some of the most attractive options for you to consider .
For instance, the Ascent Income Fund from EquityMultiple targets stable income from senior commercial real estate debt positions and has a historical distribution yield of 12.1% backed by real assets. With payment priority and flexible liquidity options, the Ascent Income Fund is a cornerstone investment vehicle for income-focused investors. First-time investors with EquityMultiple can now invest in the Ascent Income Fund with a reduced minimum of just $5,000. Benzinga Readers: Earn a 1% return boost on your first EquityMultiple investment when you sign up here (accredited investors only) .
Don't miss out on this opportunity to take advantage of high-yield investments while rates are high. Check out Benzinga's favorite high-yield offerings.
This article Dave Portnoy Says He Owns $1.5 Million Bitcoin, $1.3 Million XRP: 'Bet It And Set It, Not Trading' originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.