Barstool Sports founder Dave Portnoy revealed he is losing millions of dollars on Bitcoin as the cryptocurrency plummeted more than 50% from its October high of $126,080 to a recent price of $62,162.
In an interview with Fox Business, Portnoy provided a blunt assessment of his trading track record. “There’s nothing I've been wrong about more than Bitcoin,” Portnoy said. “Every time I sell it, it goes nuclear. Every time I buy it, it tanks.”
Portnoy, who famously panic-sold his Bitcoin during a price drop in 2021, is changing his strategy for this cycle. He confirmed he originally bought a significant position near the $100,000 mark.
“I’m just holding. I’ll just hold this thing down to $0,” he stated. “I know if I sell it, it’s going to go nuclear again.”
Beyond Bitcoin, Portnoy has actively traded meme coins, most recently embracing the Solana-based token JAILSTOOL. The token surged to a market cap above $210 million and secured a listing on Kraken before crashing more than 99.5% to a market cap just above $1 million.