Barstool Sports Founder Made A $170,000 Crypto Mistake

The crypto landscape is not kind to anybody. You make a mistake; you pay the price. It is that simple. Dave Portnoy just got a taste of that medicine. Dave Portnoy is a smart man. He is an innovator, shrewd sports bettor, and a successful businessman. At one time, he even won $15,000 worth of rewards playing online blackjack while waiting for his pizza to cool. However, crypto is not so kind. 

Therefore, he is a smart man who knows his way around money. However, one small mistake in the crypto world has landed him in financial trouble. Things look particularly grim for the entrepreneur as he is all set to lose more than $100,000 in bad crypto investment. So what was the mistake that cost him so much?  

Costly Mistake 

The founder of Barstool Sports, Dave Portnoy, made headlines as he moved to the crypto world. Portnoiy invested around $170,000 of SOL tokens in a random LIBRA token not even associated with the original meme coin linked to Javier Milei, Argentinian President. As per SOL transaction data, Portnoy invested his money in illiquid LIBRA tokens. This costly mistake set him back by $170,000. 

Soon after realizing the mistake, Portnoy took to his Social media handle and released a jovial statement saying, “Anybody wanna buy some fake Libra?” He then discussed meme coins’ volatility and nature, saying, “Warning. This is a meme coin. I bought it by accident. It will be volatile. It will eventually go to zero. It may rip. It may tank. Don’t put on more than you can lose!!! It’s a collectible.”  

According to Block, if Portnoy decides to sell the coin, he will be unable to salvage his investment since the coin’s current price hovers south of $178. This is considerably lower than the previous high of $289. Therefore, Portnoy has to remain vigilant and hope for a bullish uptrend to sell off his bad investment.