Dave Portnoy vows to hold Bitcoin even if it crashes to zero
Barstool Sports founder Dave Portnoy has vowed to hold his Bitcoin investment even if it falls to zero after revealing he is down millions on a position bought near $100,000.
According to an interview with Fox Business host Stuart Varney, Portnoy admitted that his history with Bitcoin has been defined by buying at the wrong time and selling before major rallies.
Speaking about his latest position, he said he purchased Bitcoin at around $100,000 and acknowledged that the investment is now deeply underwater after the asset lost more than half its value from its October peak of $126,080 to about $62,162.
Instead of exiting the position, Portnoy said he plans to continue holding. He told Varney that previous attempts to sell Bitcoin had repeatedly backfired because the cryptocurrency rallied soon afterward. Having experienced that pattern multiple times, he said he would rather keep the asset regardless of how far the price falls.
Portnoy also described himself as someone who has been consistently wrong on Bitcoin trades. Looking back on earlier market cycles, he recalled panic-selling the cryptocurrency during a price decline in 2021 before it recovered sharply, adding that those experiences shaped his decision not to sell this time.
Barstool Sports founder Dave Portnoy has vowed to hold his Bitcoin investment even if it falls to zero after revealing he is down millions on a position bought near $100,000.
According to an interview with Fox Business host Stuart Varney, Portnoy admitted that his history with Bitcoin has been defined by buying at the wrong time and selling before major rallies.
Speaking about his latest position, he said he purchased Bitcoin at around $100,000 and acknowledged that the investment is now deeply underwater after the asset lost more than half its value from its October peak of $126,080 to about $62,162.
Instead of exiting the position, Portnoy said he plans to continue holding. He told Varney that previous attempts to sell Bitcoin had repeatedly backfired because the cryptocurrency rallied soon afterward. Having experienced that pattern multiple times, he said he would rather keep the asset regardless of how far the price falls.
Portnoy also described himself as someone who has been consistently wrong on Bitcoin trades. Looking back on earlier market cycles, he recalled panic-selling the cryptocurrency during a price decline in 2021 before it recovered sharply, adding that those experiences shaped his decision not to sell this time.