David Portnoy Says Bitcoin Is Going To “12000000000”

David Portnoy has been having a good Thursday. Earlier, Goldman Sachs’ research department initiated Penn National – Portnoy’s stake in the company from the Barstool deal comprises the bulk of his wealth – with a price target of $60 a share, 20% higher than the price at Wednesday night’s close. As a result, the stock soared.

Apparently, Portnoy is trying to parlay this latest success into riding bitcoin “to da moon”, as they say. In a series of tweets, he proclaimed that the pioneering digital currency is going to “12,000,000,000”.

1200 here we come #Bitcoin pic.twitter.com/KpU8A8PX4I

— Dave Portnoy (@stoolpresidente) August 13, 2020

I meant 12000000000 https://t.co/o7TyVUM4wq

— Dave Portnoy (@stoolpresidente) August 13, 2020

Does this mean Portnoy is once again essentially frontrunning his arm of “DDTG” loyalists”? It’s possible.

Perhaps Bitcoin’s performance in recent weeks has  Portnoy convinced that traders who have argued for bitcoin as a more appealing alternative to gold – despite its many, many flaws (to be fair, we’re not saying the pet rock is perfect) – might be on the right track.

Of course, on a more fundamental level, buying bitcoin requires making a bet that the systems underlying bitcoin  – namely, the internet, and the bitcoin network – won’t ever be compromised. To be sure, it’s fair to argue that the “digital gold” that’s growing in popularity thanks to ETFs like GLD carries similar risks.