Barstool Sports founder Dave Portnoy said he plans to hold his bitcoin position to zero despite sitting on millions of dollars in losses, after buying around $100,000. Portnoy made the comments during a recent interview on FOX Business' Varney & Co, stating he would rather go down with the ship than sell and watch the price rebound again. Bitcoin peaked above $126,000 in October last year before falling to about $63,000, exposing late-cycle buyers to sharp drawdowns. Portnoy attributed his decision to a pattern of mistimed trades where he has sold before rallies and bought before corrections. The comments highlight the challenges retail traders face when attempting to time entries and exits in volatile crypto markets.
Portnoy Commits to Holding Bitcoin Despite Millions in Losses
Portnoy told FOX Business' Stuart Varney that he will not sell his bitcoin position even if the price falls to zero. "I'm holding. I'll hold this thing down to zero," Portnoy said. "I know if I sell it, it's going to go nuclear again. I'd rather go down with the ship this time."
He confirmed he bought bitcoin around $100,000 and is now sitting on millions of dollars in losses. His exact bitcoin holdings are not publicly known. The decision reflects a shift away from tactical trading and toward endurance, even after a poorly timed entry.
Bitcoin Fell From October Peak Above $126,000 to About $63,000
Bitcoin peaked above $126,000 in October last year before falling to about $63,000. The decline left late-cycle buyers exposed to a sharp drawdown. Portnoy's entry around $100,000 placed him in this group of investors who bought into strength before the reversal.
The price movement highlights bitcoin's volatility and the difficulty of choosing both the right entry and the right exit. For public retail figures, losses play out in front of a large audience, adding pressure to trading decisions.
Portnoy Cites History of Mistimed Bitcoin Trades
Portnoy said his decision to hold is less a technical forecast than a reaction to his own trading history. "Yeah, I got regrets. I bought the thing at $100,000. 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," Portnoy said.
That pattern is common in volatile markets. Momentum can draw retail buyers in after large gains, while sharp corrections can force selling just before the next rebound. Portnoy is choosing to stay exposed and accept the volatility rather than attempt to time the next move.
Separately, Portnoy said from the stage at Consensus 2025 that the memecoin scene is ultimately unsustainable. That view fits with a wider retail-market reset in which speculative crypto trades are being judged more harshly after sharp reversals.
FAQ
What did Dave Portnoy say about his bitcoin position?
Dave Portnoy said he plans to hold his bitcoin position to zero despite millions in losses, after buying around $100,000. He made the comments on FOX Business' Varney & Co, stating he would rather go down with the ship than sell and watch the price rebound.
Why is Portnoy holding bitcoin after buying at $100,000?
Portnoy said his decision is based on a history of mistimed trades where he sold before rallies and bought before corrections. He stated that every time he sells bitcoin it goes nuclear, and every time he buys it tanks, so he is choosing to hold this time regardless of price movement.
What happened to bitcoin's price after peaking in October last year?
Bitcoin peaked above $126,000 in October last year before falling to about $63,000. The decline left late-cycle buyers, including those who entered around $100,000, exposed to sharp drawdowns.
