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Dave Portnoy Calls Meme Coins ‘Gambling,’ Not Built to Last
At Consensus 2025, Barstool founder Dave Portnoy opened up about his wild ride in the meme coin world. Calling them “gambling” and likening the scene to a “Ponzi scheme” (not entirely negatively), Portnoy admitted he chased the rush—but paid the price. From losing millions on a failed token backed by a fake Argentine president to lawsuits over SafeMoon, he says meme coins are a rigged game favoring early insiders with bots.
Despite making millions in minutes on coins like Greed and JailStool, the backlash, legal risks, and real-world confrontations have shifted his perspective. “It’s not built to last,” Portnoy said. “I get the hype, but I don’t think it stays forever.”