Bitcoin (BTC-USD) has "so much money behind it, it's almost too big to fail, almost too big to go away," Barstool Sports' Dave Portnoy said in an interview on Fox Business Network while attending the Bitcoin 2022 conference in Miami. "So I do believe in it."
He's optimistic that the world's largest crypto will gain more traction as a means of payment. "It's all about the Lightning Network, right... all about making bitcoin fast payment so you can use it everywhere from a McDonald's to the Walmart to anybody going shopping," he said.
Volatility, though, has worked against its use in payments. Bitcoin (BTC-USD), which had been rising early in the day, is slipping to ~$43K in midafternoon trading on Friday. In November, bitcoin reached almost $68K.
While he believes in bitcoin, Safemoon (SAFEMOON-USD) is another story. "I bought $40,000 of it and I now have $2,000 left. So I got smoked at that one," Portnoy said, adding that he know it was potentially junk when he bought it.
He also commented on Elon Musk's purchase of Twitter (TWTR) stock, making Musk the largest shareholder in the social media platform. "I like the underlying philosophy of what he does — 'If I don't like you, I'll buy you'. I wish I could do that with anything."