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Dave Portnoy Invests Another $1 Million in XRP Amid Market Volatility

Dave Portnoy Invests Another $1 Million in XRP Amid Market Volatility

Dave Portnoy, the founder of Barstool Sports and a well-known figure in the trading and gambling world, has made another bold move in the crypto market.

On February 3, during a live stream, he revealed that he had invested an additional $1 million into XRP, adding to his growing cryptocurrency portfolio.

Portnoy’s announcement came amidst a recent market dip, where he addressed the downturn by explaining his latest purchase. This follows his earlier December 2024 announcement, where he disclosed that he had already invested $1.3 million in XRP and $1.5 million in Bitcoin.

Despite missing out on earlier market surges, Portnoy remains committed to holding long-term investments in crypto, particularly XRP, which he sees as having significant potential for large returns. He emphasized his strategy of “set it and forget it,” preferring to hold assets rather than actively trade them. Known for his high-risk, high-reward approach, Portnoy views XRP as a coin that could deliver returns far greater than Bitcoin in the near future.


READ MORE: Cardano’s Charles Hoskinson Teases Major Crypto Developments for February


His XRP investments align with the growing attention around the asset, especially as Ripple works to launch its stablecoin, RLUSD, which aims to boost liquidity within the ecosystem. Portnoy has also expressed interest in XRP due to the legal developments surrounding Ripple’s ongoing battle with the SEC, which many traders see as pivotal to the coin’s future performance.

Portnoy’s most recent purchase came during a period of market volatility, where many altcoins, including XRP, experienced significant drops followed by sharp recoveries. The market turmoil was partly triggered by President Trump’s announcement of tariffs on imports from Canada and Mexico, which caused widespread financial uncertainty. However, the market quickly rebounded when Trump unveiled a new deal with Mexico.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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