Patrick Bet-David Show’s Adam Sosnick Compares His Bitcoin 'Dry Powder' To The Tesla Cash That Built SpaceX

Bet-David said Bitcoin could go down to $30,000 or up to $130,000 on macro shifts, while Tom Ellsworth said Saylor's paper loss is meaningless until he sells.

• Adam Sosnick said the "dry powder" cash he has to buy Bitcoin resembles the risk capital entrepreneurs use to build ventures, like the money Musk used to launch SpaceX.
• Sosnick said he was able to buy Bitcoin at $10,000 and $20,000, and Saylor came on as a guest.
• The panel talked about Strategy’s $11 billion unrealized loss on Bitcoin, with Sosnick dismissing fears of sellers and saying Saylor would “have the last laugh.”

On Patrick Bet-David’s show, a panelist said that the cash he holds on hand to buy Bitcoin (BTC), what he called “dry powder,” is the same kind of risk capital that business owners use to start new ventures, comparing it to the money Elon Musk took from Tesla (TSLA) to launch SpaceX (SPCX).

Adam Sosnick, Senior VP of Sales at Welcome Funds, said on the show that he always has a large cash reserve and breaks his portfolio into short-term holdings, long-term retirement investments, and a higher-risk bucket. That allocation of risk, he said, is what has funded his purchases of Bitcoin and Ethereum (ETH). It’s like the capital entrepreneurs use to build companies, he said, pointing to the cash Musk used from Tesla to launch SpaceX.

Sosnick said the strategy allowed him to buy Bitcoin multiple times on the way down, including at $10,000 and $20,000. He also revealed that he bought Bitcoin every time Strategy’s (MSTR) Michael Saylor came as a guest on the Patrick Bet-David show, at a lower price than current levels. "Thanks, Michael Saylor," he said.

Bitcoin is a long-term "HODL" asset, not a “get-rich-quick play”, and the decline has taught holders that lesson, he said. A drop to $20,000 or $30,000 was less probable than a bounce, Sosnick said.

Bitcoin’s price was trading at $62,610, up over 3% in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘extremely bearish’ zone, while chatter around it stayed in the ‘high’ levels over the past day.

Saylor Will Have ‘The Last Laugh’

The remarks came as the panel discussed renewed scrutiny of Strategy, which is sitting on an unrealized loss of about $11 billion on its Bitcoin holdings as the token trades near $60,000, down about half from its peak. 

Speaking on the issue prompted by X users that Saylor could become a potential seller of Bitcoin, Sosnick dismissed, saying Saylor would "have the last laugh."

With Bitcoin’s history of swings, Bet-David said it could fall to $30,000, or jump above $130,000, if macroeconomic factors shift. Tom Ellsworth, President and board member of Bet-David Consulting, compared Saylor’s situation to Musk’s debt woes in 2018, saying he would land financing as Musk did, and a paper loss is meaningless until the holder sells.

Bet-David is an entrepreneur and media personality who founded the business-education platform Valuetainment and hosts the PBD Podcast, after building the financial-services firm PHP Agency.

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