In an elaborate press conference this afternoon, Barstool Sports founder Dave Portnoy made a decision. An array of caps were placed in front of him, each representing a different cryptocurrency. Doge, Safemoon, Litecoin and others were present. Think highly prized college football prospect deciding which school he would attend.
“This is my coin. I will not sell in the near future. I will ride it to the stratosphere or to hell on Earth.”
Dave Portnoy
Portnoy ended up choosing Safemoon.
Portnoty stated “Safemoon is now in the Dave Portnoy business and vice versa. Why? I don’t…know why. It could be a Ponzi scheme. I like the word moon, because that’s where I want to go”
“If it is a Ponzi…it is early. Get in on the ground floor,” Portnoy stated.
The caveats in Portnoy’s tweet did not inspire confidence: “Invest at your own risk. I have no idea how this works.”
This isn’t the first time Portnoy endorsed something in the finance space. In March, he signed as a partner to the AI drive BUZZ ETF. BUZZ uses AI to monitor 15 million online posts a month to measure which stocks have the most positive investor sentiment. BUZZ then ranks the top 75 stocks each month to feature in the BUZZ NextGen AI US Sentiment Leaders Index.
Benzinga says Safemoon is a new cryptocurrency which just began trading in March. The site warns that while SafeMoon has a higher potential for returns tan DOGE, it is an “extremely high risk investment.” This potential obviously got the attention of Dave Portnoy.
