Dave Portnoy, founder of Barstool Sports, expressed his reservations regarding memecoins in a recent interview, highlighting them as 'legalized Ponzi schemes' due to their lack of inherent value. At Consensus 2025, which he will be attending on May 15, Portnoy explained that he initially aimed to launch a Barstool memecoin but opted against it to protect his followers from potential losses. He notably bought 357.92 million units of $GREED, accounting for 35.79% of its total supply, only to sell it in a single transaction, leading to a significant price drop. He made approximately $258,000 from this trade. Despite the financial gains, Portnoy acknowledged that some followers profited while others suffered losses, stating, 'Some people won. Some lost. Only the losers keep bitching.' His foray into crypto started during the COVID-19 pandemic when he began trading stocks and later explored bitcoin. Portnoy's trading style has been marked by spontaneous decisions rather than structured strategies.

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