Key facts
- Dave Portnoy stated he is losing millions of dollars on Bitcoin.
- Portnoy admitted he has never been more wrong about an investment.
- Portnoy plans to hold his Bitcoin position.
- Portnoy's statement was made following recent price declines in Bitcoin.
- The exact amount of Portnoy's losses was not specified.
Dave Portnoy, the founder of Barstool Sports, has publicly stated that he is experiencing significant financial losses on his Bitcoin investments. Portnoy admitted that he has "never been more wrong" about any investment he has made. Despite the substantial downturn in Bitcoin's price and his personal financial setback, Portnoy has indicated his intention to maintain his current Bitcoin holdings. He plans to hold his position, choosing not to sell amidst the recent price declines. The precise monetary value of Portnoy's losses was not disclosed in his statement. This admission comes as Bitcoin's price has seen a notable decrease, impacting investors who had anticipated a different market trajectory.