The post Dave Portnoy loses over $5M on Javier Milei backed-Libra appeared on BitcoinEthereumNews.com.

One of the more surprising developments in the cryptocurrency market as of late has to do with mainstream appeal and support. However, we’re not referring to adoption in this instance — rather, we’re talking about public figures — chiefly politicians, promoting specific digital assets. Late December saw the first time a sitting U.S. congressman purchased a meme coin. Then, in January, this new phenomenon culminated with President Trump and the first lady’s launch of their respective tokens. In a similar yet slightly different situation, the controversial President of Argentina, Javier Milei, promoted a cryptocurrency, Libra (LIBRA). In a now-deleted post on social media platform X, Milei backed Libra as a private initiative with the goal of revitalizing Argentina’s economy.  The market cap of the token surged past $4.4 billion — only to subsequently collapse in what is increasingly looking like a coordinated rug pull. Mileni is now facing an investigation and calls for impeachment due to the entire affair. One particular trader invested in LIBRA just minutes after it was launched — however, he failed to sell at an opportune time and incurred significant losses — only to then be ‘bailed out’ by Libra’s founder, Hayden Davis. The trader in question is Dave Portnoy — founder of Barstool Sports. Launched on February 15, LIBRA saw a rapid increase in price from approximately $0.13 to as high as $4.5 in the early hours of the day, equating to a 3361.53% surge. Portnoy’s wallet, created a day easier, first received 29,000 Solana (SOL), worth roughly $5.76 million at the time.  LIBRA price 1-day chart. Source: GeckoTerminal The first purchases started some 9 minutes after LIBRA had sent online — by which time, the cryptocurrency’s price had already soared to $1.75. In total, Portnoy spent 28,740 SOL, worth some $5.77 million at the…

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Filed under: News - @ February 17, 2025 11:17 am