Barstool founder Dave Portnoy once again boasted about his “buying the dip” strategy just days after purchasing XRP tokens worth $1 million. Portnoy, who had previously sold his bitcoin ( BTC) holdings during market crashes, made the remarks as the cryptocurrency market rebounded from last week’s slide, which briefly saw the total market capitalization drop below $3 trillion.
Read more: High Profile Trader Portnoy Ditches XRP at $2.40—Misses Millions After 60% Surge
The crypto market’s sharp plunge on Nov. 21 initially made Dave Portnoy’s $2 million splash into XRP, ETH, and BTC look ill‑timed. Still, Portnoy doubled down—seizing the volatility as a buying opportunity and expanding his holdings instead of retreating.
“Crypto. I did the thing. And yes, I just bought more,” he declared in a Nov. 21 post on X.
After plunging to a low of $80,500 on Nov. 21, BTC has since rallied, trading above $89,000 by late Nov. 24. Similarly, XRP, which had dropped by double-digit figures on the same day, recovered to trade above $2.20, while ethereum ( ETH) neared the $3,000 threshold. For XRP, this recovery—which saw it jump by nearly 10% in 24 hours—coincided with the launch of spot exchange-traded funds (ETFs), which are expected to create new demand for the digital asset.
The market recovery suggests that the Barstool founder’s two new crypto portfolios are no longer in the red, thus temporarily validating his “buy the dip” strategy.
Portnoy’s latest boast sparked a mixed reaction on social media. While some users commended the man previously nicknamed “paper hands” for finally understanding the basics, others pointed to his premature celebrations or compared his pronouncements to those of Jim Cramer, who is often associated with making market calls opposite to the eventual outcome.
One user, while agreeing with the sentiment, offered a word of caution:
“I get very nervous when I find myself agreeing with either you or Jim Cramer. But yeah, you’re right. I think you finally got the crypto basics figured out (buy red/sell green). Stay away from leverage – lol – but otherwise, Godspeed Ser,” the user said.
Meanwhile, market sentiment remains divided. Some crypto experts project BTC will continue rallying due to the potential for US Federal Reserve rate cuts in December, which validates Portnoy’s move. Critics, however, insist the bull market is over and that BTC could still drop below $60,000.
- What did Dave Portnoy buy during the crash? He invested $2M into XRP, ETH, and BTC on Nov. 17 and more Nov. 21.
- How did the market react afterward? BTC rebounded above $89K, XRP climbed past $2.20, and ETH neared $3K.
- Why is his strategy notable now? Unlike past sell‑offs, Portnoy doubled down and expanded his holdings.
- How are people responding? Social media is split, with some praising his conviction and others mocking his timing.
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