Dave Portnoy Sticks With Bitcoin Despite Losing Millions in the Crash
Barstool Sports Founder Faces Heavy Losses but Stays Committed
Dave Portnoy, the man behind Barstool Sports, recently shared that he is down millions on his Bitcoin buys. He bought the top near one hundred thousand dollars and now watches the price fall hard. Yet he says he will not sell even if the coin drops all the way to zero.
In a talk on FOX Business, Portnoy admitted his timing has been poor again and again. He told the host that every time he sells Bitcoin it shoots higher and every time he buys it drops. This time he bought near the recent peak and the
Early Wins Turned Into Costly Mistakes
Portnoy first got into Bitcoin years ago after talking with the Winklevoss twins. He spent about two million dollars when the price sat near eleven thousand. He sold soon after because he did not fully understand the long-term plan. The coin then rose sharply and he later bought back at much higher levels. That second entry is the one hurting him now.
On the Pomp Podcast he said he still does not know where the price will go next. He keeps the coins because past exits have left him watching big gains from the sidelines. Holding through the pain feels like the only move left for him.
Why He Refuses to Sell Now
Portnoy made it clear he is prepared to ride the position lower. He believes selling today would only lead to regret if the price rebounds without him. The losses are real and large, but he sees them as the price of staying in the game. Many long-term holders have faced the same choice during sharp drops and chosen to wait it out.
His story shows how even famous investors can struggle with the wild swings of crypto. The market rewards patience at times and punishes quick exits at others. Portnoy has lived both sides of that cycle.
Bitcoin Volatility Remains a Key Lesson
The recent drop has reminded everyone that big price moves can happen fast. Portnoy bought near the high and now sits through the
Whether the price recovers or keeps falling, Portnoy has decided his next step is no step at all. He will hold and let the market decide the final outcome.
