Dave Portnoy Reports Losing Millions on Bitcoin as Prices Fall
Dave Portnoy, founder of Barstool Sports, shares that he's down millions on Bitcoin as its value declines significantly. He explains his struggles with trading and admits he has never been more wrong about an investment, as reported by Decrypt.
Barstool Sports founder Dave Portnoy has revealed he is facing significant losses on Bitcoin, stating that he is down millions as the cryptocurrency has plummeted in value. Bitcoin's price recently fell over 50% from its peak of approximately $126,080 in October to around $62,162, leading to Portnoy’s frustrations with his investments.
During an appearance on Fox Business, Portnoy expressed his regrets about trading Bitcoin. 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." Portnoy's trading history has included bouts of panic selling, such as in 2021 when he sold his Bitcoin after a price drop. Nonetheless, he announced that this time he intends to hold onto his investment regardless of any further declines. "I’m just holding. I’ll just hold this thing down to $0," he stated, adding, "I’d rather go down with the ship this time."
Portnoy's involvement in cryptocurrency extends beyond Bitcoin. He has previously engaged with various meme coins, including promoting SafeMoon (SFM) and actively trading Solana-related meme coins, where he faced criticism for his practices. His approach raises questions regarding the impact of sentiment and market dynamics in the evolving crypto landscape.
As the crypto market continues to fluctuate, the sentiment from high-profile investors like Portnoy can often influence public perception and investor behavior. Observers may watch closely to see how his trading strategy evolves and if Bitcoin's price reaches another turning point in the near future.
Summary based on original reporting by Logan Hitchcock at Decrypt, originally published Jul 3, 2026. SolanaWire does not republish source content.
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