Dave Portnoy Purchased SafeMoon But Doesn’t Know Why

Dave Portnoy purchased SafeMoon as his sh*tcoin of choice but he also said that he doesn’t know why he did it as we can see more in our latest cryptocurrency news today.

The founder of Barstool Sports, Dave Portnoy purchased SafeMoon as he announced in a video. However, the popular crypto YouTuber Lark Davis still says that SafeMoon is a Ponzi scheme. A month ago, the coin was blowing up and Davies posted in a tweet that he likened it to the most infamous scam in the crypto space, Bitconnect. Portnoy is known as the founder of the sports and pop culture blog Barstool Sports but he also became quite popular for live-streaming his stock trades.

My shitcoin announcement. Invest at your own risk. I have no idea how this works pic.twitter.com/G1iW8iZTWG

— Dave Portnoy (@stoolpresidente) May 17, 2021

A little less than a year ago, Portnoy crossed into the world of crypto by asking the Winklevoss twins to teach him more about BTC in a live stream. He then exited his BTC position before the coin hit $51K, and he missed out on the gains that came later on. He responded by venting on social media saying that he will never buy another batch of BTC:

“I’m never buying Bitcoin. Never never, I don’t believe a thing about it. But I do think it’s profitable, and I think there’s enough steam that it may just continue to go up forever. But I don’t buy the underlying junk behind it.”

He turned his attention to altcoins as of now and it was more like a response to the Elon Musk FUD over the past few weeks. The Barstool president narrowed down his choice of altcoins and announced safeMoon as his pick:

“It’s time for me to choose a side, and I’ve done that. Here we go, DOGE, ASS, Litecoin, SafeMoon, SHIBA, HOGE. The new breed of sh*tcoins, and I’m going to pick one and I’m going to become the leader. I’ve already purchased $40,000 of the coin…”

As a leader of SafeMoon, Portnoy said that he will not sell in the near term and added that he will join the ride to the stratosphere or hell on earth. However, his research methods have a lot to be desired and he said that SafeMoon could be a Ponzi scheme. When asked why he said:

“Why? I don’t know f*cking why, it could be a Ponzi scheme. I like the word moon because that’s where I want to go so I’m buying SafeMoon. I also like how every f*cker is selling out there, you get a 10% penalty that disperses 5%… Ponzi, Ponzi, Ponzi. It’s early, if it is a Ponzi, get in on the ground floor…”