Barstool Sports founder Dave Portnoy has publicly declared he will hold onto his Bitcoin investment even as it sinks deeper into unrealized losses. In an interview with Fox Business host Stuart Varney, Portnoy admitted he is down millions of dollars after buying Bitcoin near $100,000. With the cryptocurrency now trading around $62,000 — more than 50% below its all-time high of $126,080 reached last October — his position sits heavily underwater.
“There is nothing I have been more wrong about than Bitcoin. Every time I sell, it explodes. Every time I buy, it crashes,” Portnoy told Varney, reflecting on a history of mistimed trades. He recalled panic-selling part of his position during a 2021 price drop, only to see Bitcoin rally sharply afterward. This time, he insists he won’t make the same mistake: “I’d rather go down with the ship this time.”
Portnoy’s crypto journey extends well beyond Bitcoin. He previously promoted the SafeMoon meme coin, aligned himself with the Chainlink (LINK) community known as the Link Marines, and more recently dabbled in Solana-based meme coins. One such token, JAILSTOOL — which used his likeness — rocketed to a market capitalization above $210 million after a Kraken listing before collapsing by more than 99.5% to just over $1 million today. These experiences appear to have hardened his resolve: having been burned by early exits in the past, Portnoy is now committed to riding out the current downturn.
While Portnoy remains steadfast, market outlooks remain sharply divided. Rich Dad Poor Dad author Robert Kiyosaki’s recent prediction resurfaced, suggesting Ethereum could hit $95,000 and Bitcoin $750,000 amid a global financial crisis. Conversely, Bitwise Chief Investment Officer Matt Hougan argued that Bitcoin is likely entering the final stage of its correction after the STRC-related unwind reduced excess leverage. He expects a new bull market — driven more by institutional investors like banks, pension funds, and sovereign wealth funds than retail traders — to begin in the fall. For Portnoy, however, the immediate plan is simple: hold, no matter what.
