Dave Portnoy, the founder of Barstool Sports, has declared that he will retain his bitcoin investment until it potentially hits zero, having purchased it near $100,000.
By Omkar Godbole Jul 5, 2026, 6:00 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Portnoy intends to hold BTC down to $0. SummaryShow- Barstool Sports founder Dave Portnoy has committed to holding his bitcoin until it potentially reaches zero after acquiring it near $100,000.
- "Every time I sell it, it goes nuclear. Every time I buy it, it tanks," he explained, illustrating the classic problem of market timing.
Dave Portnoy, the founder of Barstool Sports, recently stated that he plans to keep his bitcoin BTC$62,738.28 investment, even if it means taking it down to zero, acknowledging his repeated failures in timing the market.
During an interview with FOX Business' Stuart Varney on Varney & Co., Portnoy remarked, "I'm holding. I'll hold this thing down to zero. I know if I sell it, it's going to go nuclear again. I'd rather go down with the ship this time."
Having bought bitcoin at $100,000, Portnoy now faces millions in losses. BTC had peaked over $126,000 in October last year but has since dropped to around $63,000, according to CoinDesk data.
"Yes, I have regrets. I bought the thing at $100,000. There's nothing I've been more wrong about than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it tanks," Portnoy said. His specific holdings of BTC are not disclosed publicly.
His statements reflect a common challenge faced by many market participants in volatile environments: the ongoing struggle of accurately timing market entries and exits. Many traders find themselves selling before price surges and buying before declines, ending up on the wrong side of the market and missing out on potential long-term gains.
It remains to be seen whether his new holding strategy will align with BTC's future performance, but his honesty emphasizes a lesson that many retail investors learn through experience: sometimes the best strategy is to refrain from trying to time the market and simply hold.
In a separate appearance at Consensus 2025, Portnoy stated that he believes the memecoin market is ultimately not sustainable.
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