Dave Portnoy shared on a recent stream that he owns millions of dollars in Bitcoin (CRYPTO: BTC) and XRP (CRYPTO: XRP), which comes after he recentlyinterviewed Bitcoin bull Michael Saylor.
What Happened: The price of the XRP token from Ripple has been soaring, and price and interest with the latest news of a USD-backed stablecoin called Ripple USD (CRYPTO:RLUSD) helping to carry the story forward to the end of the year.
XRP has soared over 100% in the last month and is up 260% year-to-date in 2024.
Among the holders of XRP is Portnoy, whoshared in a stream this week that he owns $1.3 million XRP.
"I'm always late to these runs," Portnoy said in response to a viewer of his "Davey Day Trader Global" stream.
Portnoy also shared that he is holding his Bitcoin, saying he had 15 BTC, worth around $1.5 million.
"I'm gonna bet it and set it, not trading," Portnoy said of the cryptocurrencies.
During the streams, Portnoy also discussed the optimism for Ripple and XRP thanks to the launch of the stablecoin, while adding that RLUSD was not a hidden thing.
"Already so much hype."
During a stream this week, Portnoy took on the "suits" and members of Wall Street who dismiss his opinions and trading activity.
Portnoy, who said he was on the show "Billions" and in the movie "Dumb Money," said if you follow the advice on the DDTG streams, your investments would be "through the moon."
"I'm at a 97% hit rate."
Why It's Important: Portnoy's public support for Bitcoin and XRP comes after he recently interviewed Saylor, the chairman of MicroStrategy.
The Barstool Sports founder asked Saylor, who is known as one of the biggest Bitcoin bulls, to explain Bitcoin to him in a way he can understand. The interview came after Portnoy confessed to selling his Bitcoin after the Winklevoss twins confused him back in 2020.
Saylor shared several sports metaphors to help explain Bitcoin and its future to Portnoy.
“There’s some games you can’t play, but can watch,” Saylor said.
He noted that if a team you follow starts winning frequently, season ticket prices could rise, making it a game you can observe but not influence. Other games, Saylor added, might be playable but are inherently biased, like casino games designed to favor the house.
“Satoshi created a game that is rigged in favor of the individual. Satoshi gave us a game we can all win. Bitcoin is that game,” Saylor said of the pseudonymous creator of Bitcoin.
Saylor said with Bitcoin you could be winning the game over time. He then dropped an analogy of playing alongside two of the greatest NBA players of all time.
“Wouldn’t it be great if you had a basketball team, you had LeBron James, you had Michael Jordan, you had the digital version of them and they play forever. You can get on the court and play with them.”
Saylor said that James and Jordan might score 100 points and you might score only two, but you’re “getting rich together.”
Portnoy's investment in XRP might come as a surprise to the cryptocurrency community and comes after Saylor essentially told him to just buy Bitcoin and not worry about other investments.
The Ripple stablecoin launched this week and could bring optimism to Ripple and XRP. Ripple plans to use RLUSD for decentralized financial protocols, cross-border settlements and financial applications. Ripple will also integrate RLUSD for global payments for enterprise clients starting next year.
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