declared<\/a>.<\/p>\nThis move isn’t Portnoy\u2019s first significant investment in cryptocurrency. Back in mid-December 2024, he shared that he had already amassed $1.3 million in XRP along with $1.5 million in Bitcoin.<\/p>\n
During that earlier stream, Portnoy voiced his annoyance at missing earlier profit opportunities but reaffirmed his strategy of holding assets long-term instead of frequently trading. \u201cI know XRP has increased over 400%… I\u2019m always late to these surges. I\u2019m just going to invest and hold. No active trading for me,\u201d he stated.<\/p>\n
His investment style is clearly inclined towards choosing high-risk, high-gain opportunities, with XRP as his asset of choice for substantial returns. \u201cAs a gambler, I prefer the potential for a 10X return, which XRP can offer. Bitcoin won\u2019t get there anytime soon,\u201d he explained.<\/p>\n
Portnoy’s initial investment coincided with the introduction of RLUSD (Ripple USD), a stablecoin designed to improve liquidity in the ecosystem. He acknowledged the excitement around RLUSD and reiterated XRP’s speculative appeal.<\/p>\n
The ongoing legal dispute between Ripple and the SEC has significantly impacted XRP’s price surge in recent months. Many in the trading community, including Portnoy, view this cryptocurrency as a high-stakes bet due to the potential changes in regulatory conditions, especially with the new SEC chair Paul Atkins possibly signaling a resolution to the case.<\/p>\n
His latest investment of $1 million came during a market pullback on Monday, where Bitcoin and other altcoins experienced significant declines but then rebounded sharply. XRP saw a notable drop after several months of increases but also exhibited a notably bullish daily performance with a 32% recovery.<\/p>\n
This drop in the market was influenced by President Donald Trump’s announcement of tariffs on imports from Mexico and Canada, which included a 25% tariff on goods and a 10% tariff on Canadian energy, causing major disruptions in the financial landscape.<\/p>\n
This decline was part of a larger correction in the crypto market, with Bitcoin plummeting to as low as $91,200 and altcoins like Ethereum and Dogecoin experiencing large losses. The situation led to over $2 billion in liquidations, underscoring the fear and uncertainty injected into the market by the tariff announcement. However, the market quickly stabilized after Trump revealed an initial agreement with Mexico.<\/p>\n
As of the latest update, XRP was trading at $2.66.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Dave Portnoy, the founder of Barstool Sports and a prominent social media figure, has increased his cryptocurrency investments, announcing during a live stream on February 3 that he has acquired an additional $1 million in XRP. Rationale Behind XRP Purchase Known for his straightforward style in both trading and gambling, Portnoy made this revelation while […]<\/p>\n","protected":false},"author":14,"featured_media":27438,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Dave Portnoy of Barstool Sports Takes a $1 Million Plunge on XRP Dip - Bitrabo","description":"Dave Portnoy, the founder of Barstool Sports and a prominent social media figure, has increased his cryptocurrency investments, announcing during a live stream"},"footnotes":""},"categories":[316],"tags":[11603,2165,2030,11604,1010,806,561,11605,517],"class_list":["post-27437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-barstools","tag-bet","tag-buys","tag-dave","tag-dip","tag-drops","tag-million","tag-portnoy","tag-xrp"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/27437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=27437"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/27437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/27438"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=27437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=27437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=27437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}