$TRUMP

Dave Portnoy: Memecoins are ‘Legalized Ponzi Schemes’

They call him “El Presidente.” But unlike the other President, Dave Portnoy draws a line at launching a memecoin. He worries his followers will lose their shirts.

“I got involved in memecoins because I wanted to launch a Barstool memecoin, but I didn’t want my fans and followers to lose money,” he said in an interview with CoinDesk. Memecoins are “legalized Ponzi schemes,” he said, “there’s no value to it, so you gotta get in and get out before it crashes.”