Barstool’s Portnoy on Elon Musk’s influence over the crypto market
Barstool Sports founder and CEO David Portnoy argues that following ‘a guy who goes up and down’ as it pertains to the cryptocurrency market could be ‘frustrating.’
Barstool Sports founder and CEO David Portnoy told "Varney and Co." on Wednesday that he "wishes" he could manipulate the cryptocurrency market like Tesla founder and CEO Elon Musk.
Portnoy made the comment on the same day Musk tweeted, "Tesla has diamond hands," signaling someone or something that remains a holder of a risky financial position, according to several sources on financial slang.
On Wednesday, host Stuart Varney told Portnoy he believes Musk is "manipulating the market," adding that he thinks he is "doing exactly the same thing."
"I wish I could do it to the degree that Elon does it," Portnoy responded, before explaining the difference between him and Musk, who he referred to as "a monster."
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"He [Musk] goes back and forth, I don’t do that," Portnoy said. "I wish I had his power."
He then went on to say that "there is no doubt" Musk is "manipulating" the crypto market, reiterating that he wishes he "could to the degree he does."
"But the thing that I think is frustrating for a lot of people is one second Elon will say, ‘Bitcoin is great,’ the next he’ll say, ‘It’s bad for the environment,’ the next he’ll say he’s saving it, then he says he loves Doge, then Doge is good for the environment, Tesla is overrated," he continued.
"So if you are following a guy who goes up and down, that would be what’s frustrating. With me, I always say it’s going up."
Musk was an early proponent of cryptos and continues to support the currencies despite some confusing messaging during his "SNL" hosting gig earlier this month and the days following, which created waves of volatility in the sector.
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Tesla became one of the first major companies to hold Bitcoin on its balance sheet, just as a company holds cash or other liquid assets. The electric automaker also briefly accepted bitcoin for car payments before backtracking due to the environmental impact of its mining.
Earlier this week Musk clarified that the company had not sold any bitcoin.
Bitcoin and other cryptocurrencies tanked Wednesday with the largest market value of the group falling to the $30,000 level, dropping from its record $64,000 reached earlier this year. China's Banking Association warned against digital currencies and volatility associated with investing, which added to the downside pressure the sector had been experiencing.
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E||21.05||-1.25||-5.61%|
Coinbase, the largest publicly traded crypto exchange, was briefly knocked offline due to the surge. Other crypto-related exchange-traded funds were also under pressure.
He ultimately clarified his support in a tweet, stating "To be clear, I strongly believe in crypto…" while reiterating his views on the negative impact they have on the environment.
Portnoy acknowledged that younger investors have gravitated to headlines from celebrities like Musk, adding that "it is widely disingenuous to say that if some bozo" from a bank goes on one of the financial networks and says they are bullish on a stock "not always with the best info, for their own purposes, that that doesn’t move the stock price, just like how if I say I like SafeMoon."
"Let’s not pretend it doesn’t happen with normal stocks either, he added.
Portnoy also discussed his bullish views on the cryptocurrency SafeMoon with Varney.
"I have already purchased $40,000 of the coin that I will declare my allegiance to," Portnoy said in a video, in which Varney accused him of "pumping" up the crypto.
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Portnoy responded by saying he plans on holding on to the cryptocurrency for years, stressing that he is in it for the "long-haul." He noted that he did a bit of research and liked the "concept of SafeMoon" before buying the crypto and pointed out that since then it has been "a wild ride."
He then stressed that "you got to use your brain" when making investment decisions as it pertains to cryptocurrencies.
Portnoy distinguished himself once again from Musk, saying he doesn’t make claims like the Tesla CEO "who is flip-flopping week to week."
"Like how did he not know that the environment was bad for Bitcoin when he was pumping it a couple months ago? He seems like a smart guy. He should know that," Portnoy said. "I don’t make claims like that."
A spokesperson for Musk did not immediately respond to FOX Business’ request for comment.
FOX Business’ Suzanne O’Halloran contributed to this report.
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