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In the lead-up to the U.S. presidential election, Barstool Sports founder Dave Portnoy has predicted a significant increase in Bitcoins BTC/USD 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 Bitcoins prospects under a Trump presidency, he humorously warned that hes 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 hes always open to receiving Bitcoin as payment, indicating his strong faith in the digital currency.
See Also: Dogecoin Killer Shiba Inu Burn Rate Up 875% But Price Down 10%: What Is Going On?
Why It Matters: Portnoys 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 Bitcoins resilience, saying, It's almost too big to fail, too big to go away.
His prediction also aligns with Trumps 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 todata from Benzinga Pro.
Photo Courtesy: Shutterstock.com
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