MV Capital - Dave Portnoy Vows to Hold Bitcoin Even if It Hits Zero Despite Heavy Losses

Barstool Sports founder admits being down millions on Bitcoin bought near $100,000 but says past mistimed trades have taught him to hold firm this time around

Portnoy's Bitcoin Struggle

Dave Portnoy, the founder of Barstool Sports, has openly discussed his significant losses in Bitcoin amid the recent market downturn. In an interview with Fox Business host Stuart Varney, Portnoy revealed he purchased Bitcoin around the $100,000 level. With prices now hovering near $62,000, he is facing millions in unrealized losses.

"There’s nothing I've been wrong about more than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it tanks."Dave Portnoy to Stuart Varney

Despite the setback, Portnoy has decided against selling. He stated clearly that he plans to hold his position no matter how low the price goes. This marks a shift from his previous trading behavior.

"I’m just holding. I’ll just hold this thing down to $0. I know if I sell it, it’s going to go nuclear again. I’d rather go down with the ship this time."Dave Portnoy

History of Mistimed Trades

Portnoy has a track record of challenging experiences with Bitcoin. In 2021, he sold his holdings during a price dip, only to watch the asset rally sharply afterward. He described those moments as "paperhanded" decisions that cost him gains. Years of similar patterns have now convinced him to stay put during the current decline.

Bitcoin has dropped more than 50% from its October peak of around $126,000. Portnoy acknowledged the regrets but emphasized learning from repeated errors in timing the market.

Key PointsBought Bitcoin near $100,000, now significantly underwater
Previous sells preceded major price rallies
Committed to holding through further potential drops

Broader Crypto Involvement

Beyond Bitcoin, Portnoy has engaged with various crypto projects. He promoted SafeMoon and aligned with Chainlink supporters. More recently, he became involved with Solana meme coins, including one tied to his own persona that saw massive temporary gains before sharp declines.

These activities highlight Portnoy's active but volatile participation in the crypto space over several years.

Mixed Views on Bitcoin's Future

While Portnoy focuses on his personal holdings, other voices in the market offer varied perspectives. Some analysts point to potential recovery driven by institutional interest, while others warn of continued pressure in the near term.

Portnoy's stance reflects a common sentiment among long-term holders who have weathered multiple market cycles.