Dave Portnoy, founder of Barstool Sports, told FOX Business host Stuart Varney this week that he plans to hold his bitcoin position regardless of further declines, despite sitting on millions in unrealized losses. Portnoy bought bitcoin near $100,000 and now faces a roughly 50% drawdown as BTC trades around $63,000, down from a peak above $126,000 in October last year. He attributes his decision to a repeated pattern of mistiming trades: buying before price drops and selling before rallies. Bitcoin's decline from its October peak represents one of the asset's characteristic deep corrections between bull cycles.
Portnoy Bought Bitcoin Near $100,000 as Price Peaked Above $126,000
Portnoy snapped up bitcoin at around $100,000, a price that coincided with BTC surging through historic highs. According to CoinDesk data, bitcoin peaked above $126,000 in October last year before losing roughly half its value, sliding to around $63,000. The result is millions of dollars in unrealized losses for Portnoy, whose exact BTC holdings remain undisclosed. "I bought the thing at $100,000," Portnoy said on Varney & Co. "There's nothing I've been wrong about more than Bitcoin."
Portnoy Repeatedly Mistimed Bitcoin Trades
Portnoy acknowledged a documented behavioral pattern in his bitcoin trading history. "Every time I sell it, it goes nuclear. Every time I buy it, it tanks," he said. He described this as his worst repeated investment mistake, having bought before price drops and sold before rallies multiple times. Portnoy stated he has watched himself repeatedly trigger rallies by selling, a cycle that has repeated often enough that he now views any impulse to sell as a contrarian signal.
Portnoy Refuses to Sell Despite Millions in Losses
Portnoy told Varney he plans to ride out his position no matter how far it falls. "I'm holding. I'll hold this thing down to zero," he said. "I know if I sell it, it's going to go nuclear again. I'd rather go down with the ship this time." His reluctance to sell is not driven by fundamental conviction about bitcoin's next move — he stated this is about avoiding his own track record of mistiming exits. Portnoy suggested the best move is to stop trying to time the market altogether and simply hold bitcoin over the long term, a conclusion he arrived at through repeated failed timing attempts.
Portnoy Called Memecoins Unsustainable at Consensus 2025
At Consensus 2025, Portnoy offered a broader take on the crypto market. He stated that the memecoin scene is ultimately unsustainable, reflecting skepticism about the speculative, hype-driven segments of the crypto market. This observation came from someone who has watched speculative crypto culture up close, even as he stays committed to his own bitcoin position.
FAQ
Why does Dave Portnoy plan to hold his bitcoin even if it goes to zero?
Portnoy believes that selling bitcoin consistently triggers price surges — what he describes as the price going "nuclear" — so he prefers to hold through even significant losses rather than repeat that pattern.
What mistakes has Portnoy admitted regarding his bitcoin investments?
He admitted to repeatedly mistiming both his purchases and sales of bitcoin, buying before prices drop and selling before major rallies. He called it the thing he has been most consistently wrong about.
What is Portnoy's view on the sustainability of memecoins?
Speaking at Consensus 2025, Portnoy stated that the memecoin scene is ultimately unsustainable, reflecting broader skepticism about the speculative, hype-driven segments of the crypto market.
