No one is happier to see the new first family capitalize on its recent success than Barstool Sports founder and die-hard Donald Trump supporter Dave Portnoy.
With the President-elect selling his new '$TRUMP' coin, Portnoy dropped $500,000 on the cryptocurrency at $24.80 share, he told his followers on X. And by early Sunday, the 47-year-old was claiming to be a million dollars richer.
'I just woke up. Checked $trump coin. I'm up 200% since I bought it yesterday,' he wrote on X. 'Sold it. Made a quick milly.'
So when once-and-future First Lady Melania Trump launched her own cryptocurrency immediately after, Portnoy decided to make a similar bet.
'Say less,' Portnoy wrote on X in response to a post about the product. 'I'm in. Same deal. Bought 500k. Hope it goes up. Flip it, rip it. Rock n roll. If it goes to 0 that's the risk I take. $melania.'
Interestingly, Portnoy poked holes in the cryptocurrency business model only days earlier by referencing the mushrooming scandal with podcaster Hailey Welch's Hawk Tuah coin, which lost 95 percent of its value within minutes of its release.
No one is happier to see the new first family capitalize on its recent success than Barstool Sports founder and die-hard Donald Trump supporter Dave Portnoy
President-elect Donald Trump and his wife, Melania Trump, view fireworks at in Washington
'I have a dumb 2 part question,' Portnoy wrote Saturday on X.
'1. What's the difference between the Hawk Tuah coin and the Trump coin besides nothing?' he asked.
Portnoy followed with another question: '2. Can I string up my own coin now and tell people it's a Ponzi scheme from the jump and I'm gonna rug pull at some point and you better just hope you're out when I do it and that would make the entire thing legal?'
Trump, who will be sworn into office for a second time on Monday, announced his 'memecoin' on Friday night to his X followers.
'My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!,' he wrote.
'Join my very special Trump Community,' he continued. 'GET YOUR $TRUMP NOW. GO to gettrumpmemes.com — Have fun!'
Like many Trump fans, Portnoy couldn't resist.
And with $1 million supposedly burning a hole in his pocket, Portnoy vowed on Sunday to put his winnings on the Buffalo Bills to win this year's Super Bowl.
'Prob gonna put it on the Bills tonight,' Portnoy wrote on X. 'I love Trump's America! Now I'm going back to sleep.'
With the President-elect selling his new '$TRUMP' coin, Portnoy dropped $500,000 on the cryptocurrency at $24.80 share. A day later, Portnoy claimed, he was $1million richer
When Melania Trump launched her own crypto coin, Portnoy made a similar bet
Interestingly, Portnoy poked holes in the cryptocurrency business model only days earlier by referencing the mushrooming scandal with podcaster Hailey Welch's Hawk Tuah coin
In a subsequent video, Portnoy revealed that he was actually betting on the Bills to go the distance and win the Super Bowl at +550 odds, which would make him $5.5million if successful.
He claimed that Josh Allen and Co. are 'f***ing due' to win the franchise its first championship, and his bet is still alive after Buffalo beat the Ravens 27-25 in a thrilling divisional round clash.
The Bills will now face the Chiefs in the AFC Championship Game, while the Commanders or Eagles would await in the Super Bowl.
Buffalo has lost its last three playoff matchups against Kansas City.
Portnoy regularly bets six-figure sums on sports. In fact, he vowed last year he was done with gambling, only to place a $1 million winning bet on Michigan to beat Alabama in the College Football Playoff.
But for every seven-figure success, there's been just as many pitfalls for Portnoy, whose very own father has expressed concern for his gambling addiction.
'Anyone who says my son is exaggerating his gambling issues, I wish he was,' Mike Portnoy told Barstool Radio in 2019. 'He isn't.'