Bitcoin News: Dave Portnoy Vows to Hold Bitcoin to Zero After Buying at $100K
Bitcoin News: Dave Portnoy, founding father of Barstool Sports, disclosed on Fox Business that he’s sitting on tens of millions in losses after shopping for Bitcoin close to $100,000, and introduced he’ll maintain the place all the best way to zero moderately than promote once more.
The declaration, made on Stuart Varney’s Varney & Co., crystallizes a behavioral sample that has value Portnoy closely throughout a number of market cycles: shopping for close to native highs, promoting earlier than rallies, and re-entering at increased costs.
DAVE PORTNOY: “I’M HOLDING BITCOIN TO ZERO”
Barstool Sports founder Dave Portnoy says he’s holding his Bitcoin it doesn’t matter what.
“I’ll maintain this factor down to zero,” Portnoy instructed Fox Business.
“I do know if I promote it, it’s going to go nuclear once more. I’d moderately go down with the… pic.twitter.com/arGvhitqHT
BTC worth peaked above $126,000 in October 2025 earlier than halving to its present degree round $62,870, in accordance to CoinDesk information. Portnoy’s newest entry close to the $100,000 degree places his unrealized loss at roughly 37% from value foundation, with the peak-to-trough drawdown from his purchase level exceeding $60,000 per coin.
Portnoy didn’t soften the evaluation when talking to Fox Business host Stuart Varney. “Yeah, I received regrets. I purchased the factor for $100,000. There’s nothing I’ve been improper about greater than Bitcoin. Every time I promote it, it goes nuclear. Every time I purchase it, it tanks,” he mentioned.
The self-diagnosis is unusually blunt for a public determine with a place nonetheless on the books.
“I’m holding. I’ll maintain this factor down to zero. I do know if I promote it, it’s going to go nuclear once more. I’d moderately go down with the ship this time.”
Photo: Dave Portnoy
The logic is behavioral moderately than analytical: Portnoy will not be making a valuation case for Bitcoin; he’s reacting to a private observe report of promoting earlier than each main rally. His dedication to maintain to zero is, in impact, a pressured self-discipline imposed by demonstrated incapability to time exits appropriately.
Portnoy’s historical past with Bitcoin reads as a case examine in retail FOMO compounding. He first entered in late 2020 with roughly $2 million at round $11,000, then offered nearly instantly, a place that may have returned roughly 6x had he held by BTC’s early 2021 run to $60,000.
He subsequently rebuilt publicity at increased costs, along with his peak Bitcoin place reportedly reaching round $15 million earlier than market declines lower that considerably.
The newest cycle repeated the identical dynamic at a better greenback magnitude. Portnoy has publicly said he exhausted most of his out there money, averaging down by the drawdown, and his BTC losses now run into the tens of millions on an unrealized foundation. His precise BTC holdings stay undisclosed.
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The sample, purchase high, capitulate, re-enter increased, is exactly what distinguishes retail traders who underperform a easy buy-and-hold technique throughout cycles.
Market timing failure at Portnoy’s scale illustrates the structural disadvantage most energetic merchants face. Research constantly reveals that retail traders who try to time entries and exits in risky belongings like Bitcoin generate returns effectively under passive holders over equal durations. The risks that accompany prominent Bitcoin holders who buy in size and then face sustained drawdowns should not distinctive to Portnoy, however his public commentary makes the behavioral traps unusually seen.
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DAVE PORTNOY: “I’M HOLDING BITCOIN TO ZERO”
