Key facts
- Barstool Sports founder Dave Portnoy will hold his Bitcoin to zero.
- Portnoy purchased Bitcoin at approximately $100,000.
- He expressed frustration with his market timing, stating he sells before rallies and buys before drops.
- Portnoy admitted he has lost millions on Bitcoin.
- Portnoy believes the memecoin scene is unsustainable.
Barstool Sports founder Dave Portnoy has declared his intention to hold his Bitcoin holdings until they reach zero, if necessary. Portnoy, who purchased Bitcoin near its peak of $100,000, expressed significant frustration with his market timing, stating that every time he sells Bitcoin, it experiences a surge, and every time he buys, it declines.
"I'm holding. I'll hold this thing down to zero," Portnoy told FOX Business's Stuart Varney. "I know if I sell it, it's going to go nuclear again. I'd rather go down with the ship this time." He acknowledged having regrets about his purchase price, noting that Bitcoin has fallen more than 50% from its October all-time high of $126,080 to a recent price of $62,162.
Portnoy's comments highlight the common challenge faced by many market participants in volatile assets: the difficulty of precise market timing. His candid admission serves as a lesson for retail investors about the potential benefits of a buy-and-hold strategy over attempting to time the market. Separately, Portnoy also commented that the memecoin sector, including tokens like JAILSTOOL which he previously promoted, is ultimately unsustainable, with the token down over 99.5% from its peak.