In brief
- Dave Portnoy, the founder of Barstool Sports, revealed he has lost millions on Bitcoin as its value declines.
- Portnoy expressed that he has never been more mistaken than with Bitcoin.
- In 2021, he famously panic sold some of his Bitcoin after its value dropped.
Dave Portnoy, the Barstool Sports founder, acknowledges he lacks expertise in cryptocurrency trading, yet this hasn’t deterred him from attempting it repeatedly over the years.
This week, during an interview with Fox Business host Stuart Varney, he disclosed that he has incurred losses amounting to millions on Bitcoin, the leading cryptocurrency by market capitalization, which has seen a decline of over 50% from its peak of $126,080 in October to approximately $62,162 recently.
“Yeah, I’ve got regrets,” Portnoy admitted to Varney regarding his experiences in crypto trading. “I bought the thing at $100,000, so I mean, right now, I don't know what’s going on.”
Bitcoin and crypto are making me sad.
— Dave Portnoy (@stoolpresidente) June 4, 2026
Portnoy candidly recounted his tumultuous journey in crypto trading, including instances where he “fucking paperhanded,” a term referring to panic-selling, his Bitcoin in 2021 after a price drop.
“There’s nothing I've been wrong about more than Bitcoin,” he told Varney. “Every time I sell it, it goes nuclear. Every time I buy it, it tanks.”
Despite the persistent downward trend in Bitcoin and other significant cryptocurrencies recently, Portnoy stated he intends to hold onto his investments this time. “I'm just holding. I’ll just hold this thing down to $0,” he remarked. “I know if I sell it, it’s going to go nuclear again.”
“I’d rather go down with the ship this time,” he concluded.
Portnoy’s involvement in cryptocurrency extends beyond Bitcoin; he has previously promoted controversial meme coins like SafeMoon (SFM) and has identified himself as a proud member of the Link Marines, a group supporting LINK, the token of the Chainlink oracle network.
Last year, he became more engaged with Solana meme coins, often trading alongside other high-risk investors. After doxxing his wallet and facing backlash for purportedly “pumping and dumping” meme coins, Portnoy embraced JAILSTOOL, a meme coin featuring his image behind bars. “Hey crypto bros, I think whoever made this coin is funny and I want to collect it as a memory of you bitches crying like little babies,” he stated.
The token initially surged to a market cap exceeding $210 million and was listed on the Kraken exchange. However, as of Friday, it has plummeted by over 99.5%, now trading at just above a $1 million market cap.