Dave Portnoy Vows To Ride Bitcoin To Zero After Buying At $100K

Bitcoin (BTC) traded near $61,600 after Dave Portnoy said he would hold a loss-making position bought at $100,000 even if it fell to zero.

Bitcoin Portnoy

Portnoy, the founder of Barstool Sports, made the comments on FOX Business during an appearance on "Varney & Co." with host Stuart Varney.

"I'm holding. I'll hold this thing down to zero," Portnoy said. "I know if I sell it, it's going to go nuclear again. I'd rather go down with the ship this time."

Bitcoin was trading around $61,600, according to CoinGecko data cited in the report, up 1.8% on the day but far below Portnoy's entry price. The level left the asset about 37% below his $100,000 buy and roughly 50% under its $126,000 cycle peak from October 2024.

Portnoy said his losses follow a familiar pattern. "Yeah, I got regrets. I bought the thing for $100,000. There's nothing I've been wrong about more than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it tanks," he said.

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Retail Timing

Portnoy's Bitcoin history dates back to 2020, when he met Cameron Winklevoss and Tyler Winklevoss and bought about $2 million in BTC near $11,000. He sold the position soon after, before Bitcoin moved above $60,000 about six months later.

In a later interview with Anthony Pompliano, Portnoy said his peak Bitcoin exposure reached about $15 million. He also said he had held XRP (XRP), bought near $1.70, and was down several million dollars across both assets.

The episode fits a common retail trading error: buying after strong rallies and selling during drawdowns. Portnoy had said in late June 2024 that he could put $5 million to $10 million of Barstool corporate funds into Bitcoin if it fell to $40,000, while refusing to buy near $60,000.

Bitcoin never reached that threshold, according to the report, and Portnoy later re-entered above $100,000. His case shows how conviction can fail without entry discipline, position sizing and a clear exit plan.

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