‘Every Time I Buy It, It Tanks’: Dave Portnoy Says He’s Losing Millions as Bitcoin Falls
Key Takeaways
- Dave Portnoy, founder of Barstool Sports, told Fox Business host Stuart Varney that he is down millions of dollars on Bitcoin after buying near $100,000, according to Decrypt.
- Bitcoin has fallen more than 50% from its October all-time high of $126,080 to a recent price of $62,162, per Decrypt.
- Portnoy says he plans to hold his Bitcoin this time, even if the price falls to zero, rather than repeat past sell-offs he now regrets.
What Portnoy Told Fox Business
Dave Portnoy, the Barstool Sports founder and media personality, used an appearance with Fox Business host Stuart Varney this week to walk through his ongoing struggles as a Bitcoin trader, according to Decrypt. Portnoy said he bought Bitcoin at $100,000 and is now sitting on significant losses as the asset trades far below that level.
Per Decrypt, Bitcoin’s price has fallen more than 50% from its October all-time high of $126,080 to a recent level of $62,162. Portnoy acknowledged the pain of that decline directly, telling Varney he has “regrets” about the timing of his purchase and admitting he does not fully understand the current market conditions driving the drop, Decrypt reported.
Portnoy also referenced his own trading history as a pattern of bad timing, saying that in the past he “paperhanged,” or panic-sold, his Bitcoin holdings in 2021 following a price decline, according to Decrypt. He described his overall record with the asset as consistently mistimed, saying that selling has historically preceded rallies and buying has historically preceded drops, based on his comments to Varney.
Why This Matters for Everyday Bitcoin Holders
Portnoy’s experience is a familiar one for retail investors who buy assets after sharp price increases, only to watch valuations retreat. His account, as relayed by Decrypt, illustrates a common behavioral pattern: buying during periods of optimism near price peaks and selling during periods of fear near price troughs, then regretting both decisions in hindsight.
This time, according to Decrypt, Portnoy says his approach is different. He told Varney he intends to hold his position regardless of how far the price falls, stating he would keep his Bitcoin “down to $0” rather than sell again. His stated reasoning is that selling has previously been followed by sharp rebounds in price, and he does not want to repeat that outcome.
For everyday crypto users, Portnoy’s situation is a reminder that public figures with large platforms are not immune to the same volatility-driven stress that affects smaller retail traders. His willingness to publicly disclose losses, rather than only promoting gains, offers a data point on how quickly sentiment can shift after a more than 50% decline from a record high, as documented by Decrypt.
A Longer History With Speculative Crypto Bets
Bitcoin is not the only asset tied to Portnoy’s crypto track record. Decrypt notes that he has previously promoted the meme coin SafeMoon (SFM) and has described himself as part of the “Link Marines,” a group of supporters of LINK, the native token of the Chainlink oracle network.
More recently, Decrypt reports that Portnoy became active in Solana-based meme coin trading, often trading alongside other high-risk participants in that market. After publicly sharing his wallet address and facing criticism over allegations of “pumping and dumping” tokens, he later embraced a coin called JAILSTOOL, which used imagery depicting him behind bars, according to Decrypt.
Decrypt reports that Portnoy responded to the coin by saying he found its creator funny and wanted to keep it as a memento of critics reacting negatively to him. The token’s market capitalization rose above $210 million at one point and it was listed on the centralized exchange Kraken, per Decrypt. However, as of the reporting, JAILSTOOL had fallen more than 99.5% in value and was trading with a market capitalization just above $1 million.
Taken together, Portnoy’s Bitcoin losses and his earlier ventures into meme coins point to a broader pattern of high-risk, high-visibility crypto activity. His public commentary, as captured by Decrypt, offers a window into how volatile price swings—both in major assets like Bitcoin and in speculative meme tokens—can generate outsized gains or losses depending on timing, even for well-known market participants.
Hype Check
Claim: Dave Portnoy says he is losing millions on Bitcoin and plans to hold his position no matter how far the price falls, according to Decrypt. Reality: Decrypt confirms Portnoy bought Bitcoin near $100,000 and that the asset has since fallen more than 50% from its October all-time high of $126,080 to a recent price of $62,162, alongside his separate track record with SafeMoon, LINK, and the now sharply devalued JAILSTOOL token, which has dropped more than 99.5% from its peak market cap above $210 million. Verdict: Substance. This is not financial advice.
Source
Researched with AI assistance, fact-checked and edited by a human. Not financial advice.