In the lead-up to the U.S. presidential election, Barstool Sports founder Dave Portnoy has predicted a significant increase in Bitcoin's (CRYPTO: BTC) value if former President Donald Trump secures a win.
What Happened: Portnoy, who has recently started accepting Bitcoin as part of a sponsorship deal with cryptocurrency exchange Kraken, believes that Bitcoin will "rip" if Trump is victorious in November, CoinDesk reported Thursday.
While Portnoy is optimistic about Bitcoin's prospects under a Trump presidency, he humorously warned that he's "always wrong".
Despite a history of unsuccessful Bitcoin trades, Portnoy maintains a positive outlook on the future of the cryptocurrency.
Since February, when Kraken started sponsoring his "Davey Day Trader Global" livestream, Portnoy has been accepting Bitcoin as payment. He stated that he's "always" open to receiving Bitcoin as payment, indicating his strong faith in the digital currency.
Why It Matters: Portnoy's faith in Bitcoin aligns with his previous statements, as he has been a vocal supporter of the cryptocurrency. In April 2022, he expressed his belief in Bitcoin's resilience, saying, "It's almost too big to fail, too big to go away."
His prediction also aligns with Trump's recent shift in stance towards digital currencies. The Republican challenger, once a critic of Bitcoin, now advocates for cryptocurrencies to be "made in the USA," emphasizing the need to counter China's growing influence in the field.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,871.51, down 1.18% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.