What do you do when two identical men standing 6 ft 5 in tall pull up to your house in the Hamptons during a pandemic? If you’re Dave Portnoy, the founder of Barstool Sports, you open the door and welcome them in.
On Aug. 13, the enigmatic sports, gaming, and investing celebrity was visited by the Winklevoss Twins — Tyler Winklevoss and Cameron Winklevoss, co-founders of the Gemini crypto exchange and Bitcoin billionaires.
They weren’t there to discuss Facebook, sports, or anything of that sort. What the Winklevi, as Portnoy calls them, were there to talk about was — no surprises here — Bitcoin.
As CryptoSlate previously reported, the Barstool “Presidente” announced on Aug. 4 that he wants the “rowing robots,” the “best-cast characters in the history of movies,” to help him buy Bitcoin:
“I’m officially inviting the Winklevi twins to my office to explain bitcoin to me. Have to wear the rowing outfits though,” Portnoy wrote and said in the video.
— Dave Portnoy (@stoolpresidente) August 4, 2020
Their rendezvous on Aug. 13 was a culmination of this Twitter interaction.
Here are four takeaways from the meeting between Portnoy and the Winklevoss Twins, which has since been viewed over 500,000 times on Twitter alone.
#1: The Winklevoss Twins still own 1% of all Bitcoin circulation
In the ten-minute clip, Portnoy tried to ask the Winklevoss Twins everything he could about Bitcoin.
At one point, he brought up a fact that he read that the duo collectively owns 1% of all BTC in circulation. At the current supply of 18,460,000 million coins as per CryptoSlate data, that is ~184,000 BTC — worth over $2.17 billion. “Is that true?” Portnoy asked.
The Winklevoss Twins nodded, with one responding with a “yep.”
— Dave Portnoy (@stoolpresidente) August 13, 2020
#2: Portnoy now owns BTC — and Chainlink
After some convincing, which included the Winklevoss Twins saying Bitcoin is valuable because Elon Musk is going to mine gold from asteroids to devalue the precious metal, Portnoy pulled the trigger on Bitcoin.
“So what is it? Down three percent in the past 24 hours. OK. So I hit ‘buy’?”
And that he did, hitting buy as the Winklevoss Twins ran Portnoy through the ropes of their own exchange.
While the Barstool founder was first thinking to put 50 percent of his capital into Bitcoin and 50 percent into Chainlink, this ended up not being the case. He claims to have put $200,000 into BTC and $50,000 into LINK.
The Winklevoss Twins advised him against a large Chainlink allocation due to the fact that the token is pushing all-time high valuations, with it recently becoming the fifth-largest cryptocurrency.
Portnoy published a tweet after the rendezvous that suggested he has “7 figures” in crypto, which would mean at least 300 percent more than the sum he allocated in the video. Maybe he decided to stack more sats after the meeting the Winklevi?
#3: This is unlikely to be Davey Day Trader Global’s last purchase of Bitcoin or crypto
Alluding to the “7 figures” comment perhaps, Portnoy ended the video with the Winklevoss by stating that this likely isn’t the first and last time he will be buying cryptocurrency. Well, as long as Bitcoin doesn’t crash, the celebrity figure added jokingly.
He’s already bullish, anyway, writing on the evening of Aug. 13 that he expects to see Bitcoin at $12,000 on Aug. 14.
#4: We may get a Portnoycoin
Last but not least, we may soon be getting a Dave Portnoy Coin, launched by the man himself.
After the Winklevoss talked about how altcoins can be based on a blockchain like Ethereum, Portnoy asked if he could do a coin of himself and then “pump and dump it.” As much of a joke this may sound like, the twins entertained the idea, adding that it’s entirely possible to launch a Portnoycoin but that “pumping it” likely isn’t the best idea.