Key facts
- Dave Portnoy has lost millions of dollars on Bitcoin.
- Portnoy bought Bitcoin at $100,000 and it has since fallen significantly.
- He described his crypto trading history as being consistently wrong.
- Portnoy stated he is currently holding his Bitcoin position and will not sell.
- He has previously invested in various meme coins, including SafeMoon and a coin featuring his image.
Barstool Sports founder Dave Portnoy revealed he is currently losing millions of dollars on Bitcoin, describing his cryptocurrency trading experience as his most significant investment mistake. Portnoy told Fox Business host Stuart Varney that he purchased Bitcoin at $100,000, and the asset has since fallen more than 50% from its October all-time high of $126,080 to a recent price of $62,162.
"Every time I buy it, it tanks," Portnoy said, contrasting his experience with selling, after which he claims the price "goes nuclear." He recalled panic-selling some of his Bitcoin in 2021 following a price drop. Despite the recent downturn, Portnoy stated he is holding his position, even if it falls to $0, preferring to "go down with the ship" rather than sell and see the price surge again.
Portnoy's crypto involvement extends beyond Bitcoin, having previously supported meme coins such as SafeMoon and Chainlink. He also engaged with Solana meme coins and promoted a meme coin called JAILSTOOL, which featured his image. This token reached a market cap of over $210 million and was listed on Kraken, but has since fallen more than 99.5% to a market cap just above $1 million.