Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Dave Portnoy, the outspoken founder of Barstool Sports, used his debut appearance at CoinDesk’s Consensus 2025 to train the conference spotlight XRP. Speaking on the Metro Toronto Convention Centre mainstage, Portnoy acknowledged that he bought the token for one reason only: fear of missing out.
Joined on-stage by media strategist Sam Ewan, Portnoy opened with light banter about Toronto pizza—“North of Brooklyn still is, I would say, my favorite,” he insisted, giving “shout-out Bill the Greek, who’s like my chaperone for Toronto”—before turning to the market that drew thousands to Consensus.
Pressed on whether the current cycle is dominated by so-called meme coins, Portnoy cut to the chase. “Even Bitcoin is, frankly, a memecoin,” he said. The remark set the tone for a discussion that oscillated between portfolio confessions and cultural critique.
When Ewan tried to pinpoint Portnoy’s boldest wager, the 47-year-old rattled off winners the way others recall birthdays: Axon stock at roughly $200 (now about $700, he noted), Michigan’s Rose Bowl triumph, and Scottie Scheffler capturing the Masters. Yet he called those victories “two different things” from the instant, couch-bound gratification of watching a line of green candles. “There’s something about it when you place a bet, you see Bitcoin go up, you see XRP go up, and you’re just sitting on your couch—‘I made that money not working.’ That’s a great feeling,” he admitted.
Why XRP, Not Bitcoin
Portnoy’s self-diagnosed FOMO emerged in sharper relief as the conversation turned to real estate. He recalled smashing his fist on a desk after being outbid on a Miami apartment by “a crypto bro” who “heard about Bitcoin when it was, I don’t know, eight bucks, seven bucks.” The episode, he said, crystallised the anxiety of missing an asymmetric trade: “I’ve slaved for twenty years and he just out-bid me.”
That same impulse, Portnoy confessed, now drives his position in XRP. “It’s what—two bucks forty cents or something like that? What if that’s the next Bitcoin?” he said, emphasising that his allocation reflects a speculative itch rather than a thesis about Ripple’s technology or tokenomics. “It’s FOMO. It’s not like I have some grand belief in it.”
In perhaps the panel’s most revealing anecdote, Portnoy traced his fraught history with Bitcoin to a chance encounter: “I bought Bitcoin the first time for around $10,000 … the Winklevoss twins were staying next door to me at a hotel and they came and explained what Bitcoin was. It was the dumbest explanation I’d ever heard, and I sold it all right there.”
The forfeited position—“about $2 million”—would have dwarfed every other win in his career, he conceded, underscoring the emotional swing between conviction and capitulation that defines many retail journeys through crypto’s boom-and-bust cycles.
At press time, XRP traded at $2.40.
Featured image from YouTube, chart from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it’s a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
