Sosnick Compares Dry Powder Cash to Musk's SpaceX Venture Funding
On the Patrick Bet-David Show, Adam Sosnick compared his 'dry powder' cash to the risk capital used by entrepreneurs like Elon Musk to build ventures. The dry powder refers to the cash he holds on hand to buy Bitcoin (BTC), which is similar to the money Musk took from Tesla (TSLA) to launch SpaceX.
Sosnick, Senior VP of Sales at Welcome Funds, explained that he has a large cash reserve and breaks his portfolio into short-term holdings, long-term retirement investments, and a higher-risk bucket. This allocation of risk 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.
The panel discussed the 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.'