What to know:
- Barstool Sports founder Dave Portnoy shared insights on the meme coin phenomenon during his appearance at Consensus 2025.
- “I enjoy the excitement,” he remarked on meme coins, viewing them largely as a form of gambling with little else to offer.
Portnoy bluntly stated, “I don’t think it’s here to stay,” discussing meme coins which he has often promoted through his social media presence.
During his talk at Consensus 2025 alongside Tom Farley, the CEO of crypto exchange Bullish, Portnoy reflected on his brief and tumultuous experience in the meme coin sector, illustrating the highs and lows with his signature bluntness.
He articulated a narrative filled with sudden gains, potential legal issues, and significant public criticism, which could dissuade even the most resilient internet provocateurs.
Portnoy noted, “I love the rush, I’m a gambler at heart,” acknowledging the negative feedback he faced. He evaluated crypto’s speculative culture and the outdated nature of meme coins, noting that they are generated more for humor than for practical use.
In the beginning, he became aware of SafeMoon through viral social media content showcasing vast profit margins, leading him to invest and subsequently mock its apparent lack of value—after which he faced a lawsuit.
“SafeMoon charged me for endorsement, which wasn’t true and cost me $20k to resolve,” he elaborated.
Despite setbacks, he ventured further into the realm of meme coins, envisioning a Barstool-branded token and exploring its creation, which led him to invest $4.5 million in a token linked to purported Argentine government support. Ultimately, that investment vanished when the president denied any association.
“I was fortunate to be fully reimbursed later, though I’m puzzled as to why,” he admitted.
Portnoy also made light of his experiences with launching coins, including names like Greed and its sequel, Greed 2, participating in the satirical movement. Both those endeavors yielded immense returns at one point, with a $1,000 stake inflating to $7 million in a short span.
“That profit took me 13 years of hard work at Barstool to achieve,” he remarked.
However, he cautioned that market volatility and deceptive practices abound in the crypto landscape.
Portnoy described the ecosystem of meme coins as unequal, where only a select few can gain consistently due to advanced trading techniques.
As he contemplates future endeavors, Portnoy admitted that despite a potential third Greed coin, the backlash he encounters makes real-world interactions heavy.
“Behind the screen it feels trivial, yet I confront individuals facing genuine financial losses who believe I should take accountability for their choices, which I contend they should hold themselves responsible for.”
In his perspective, the meme coin market is entirely unsustainable, stating, “It’s a kind of speculative gambling, a Ponzi scheme; I don’t say that derogatorily.”
Thus, Portnoy’s sentiments lean towards skepticism about the longevity of this financial trend: “I can’t foresee it lasting. It might endure for the next four years, but beyond that is uncertain.”
