Dave Portnoy swears to hold bitcoin even if it falls to zero
Barstool Sports founder Dave Portnoy has admitted he is at war with his own timing. He told FOX Business this week that he will hold his bitcoin all the way down to zero before selling again. His reasoning is simple: he is convinced the moment he sells, prices will soar. “I know if I sell it, it’s going to go nuclear again. I’d rather go down with the ship this time,” Portnoy said.
Portnoy bought bitcoin around $100,000. Since then, the price has dropped to about $63,000. He is now sitting on millions of paper losses. Bitcoin hit a record above $126,000 last October, but has since halved, according to CoinDesk data. His exact holdings remain unknown.
A familiar market trap
Portnoy’s story is not new. Many traders face the same struggle: trying to buy low and sell high, but ending up doing the opposite. He admitted, “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.” This pattern is common in volatile markets. Scores of retail investors sell just before rallies and buy just before corrections. The result is repeated frustration and lost gains.
Portnoy now says he will hold no matter what. Whether this new strategy actually aligns with bitcoin’s long-term trajectory remains uncertain. But his honesty highlights a lesson many learn the hard way: sometimes the best move is to stop trying to time the market and just hold.
Memecoin skepticism
Separately, speaking at Consensus 2025, Portnoy said the memecoin scene is ultimately unsustainable. He did not elaborate much, but the comment adds to a growing chorus of critics who argue that most memecoins lack real value or utility. For now, Portnoy seems focused on his bitcoin position, even if it means riding it to zero.
