The founder of the digital media company Barstool Sports, Dave Portnoy, announced to his followers on the social network X that he intends to buy up to $10 million worth of bitcoins with the company’s money. But only if the rate of the first cryptocurrency falls to $40,000.

Dave Portnoy wrote that he already owns the first cryptocurrency, but the current price range of Bitcoin – above $60,000 – is not quite suitable for additional purchases of coins. The crypto trader believes that a drop in BTC to $40,000 will provide more profitable opportunities, so he intends to use the funds of Barstool Sports to benefit from this potential drop.

Bitcoin is currently trading above $61,000 per coin. The flagship cryptocurrency has been subject to intense volatility in the past few months: in March, Bitcoin reached a new all-time high above $73,000, although it was below the $50,000 mark in February.

In February 2021, Portnoy stated that he would never buy Bitcoin. As he put it at the time, Bitcoin is the only thing that is not falling, and remains at $51,000, although it was once worth $11,000. Despite his skepticism about the first cryptocurrency, with this statement Portnoy acknowledged the profitability of BTC, and over time he Confidence in cryptocurrency only grew.

Later crypto enthusiast congratulated Bitcoin investors who were able to hold on to their coins until the BTC price reached $60,000. The crypto trader said that he “screwed up” and that he had “paper hands” because he dumped his positions at the first manifestation of risks. Portnoy recently said that he still regrets selling bitcoins and lost profits.