Dave Portnoy is having a bad time with Bitcoin. The Barstool Sports founder told Fox Business this week he’s down millions as the top crypto trades at $62,162 — more than 50% off its October all-time high of $126,080.
“I bought the thing at $100,000, so I mean, right now, I don’t know what’s going on,” Portnoy said.
His track record speaks for itself. “There’s nothing I’ve been wrong about more than Bitcoin,” he admitted. “Every time I sell it, it goes nuclear. Every time I buy it, it tanks.”
But this time, he’s not selling. Portnoy says he’s holding all the way down to zero. “I know if I sell it, it’s going to go nuclear again,” he said. “I’d rather go down with the ship this time.”
Portnoy’s crypto history is a long one. He panic-sold Bitcoin in 2021 after a price drop, famously calling it a “paperhand” move. He’s championed controversial meme coins like SafeMoon and dived into Solana trenches last year. His JAILSTOOL meme coin hit a $210 million market cap and earned a Kraken listing. It’s now down over 99.5%.
Bitcoin’s been in a rough patch for months. A 50% drawdown from highs will test anyone’s conviction. Portnoy’s sticking around this time. Whether that’s wisdom or stubbornness — we’ll see.
