Dave Portnoy Says He’s Down Millions on Bitcoin, Vows Not to Panic Sell Again

Barstool Sports founder Dave Portnoy says he is down millions of dollars on Bitcoin after buying near the top of the market, but insists he plans to hold his position this time rather than sell into the downturn. Portnoy made the admission this week during an appearance on Fox Business with host Stuart Varney, as Bitcoin trades more than 50% below its October all-time high.

Bitcoin hit an all-time high of $126,080 in October before sliding to a recent price of $62,162, according to Decrypt. At the time of writing, the token was changing hands around $62,112.

“I Bought the Thing at $100,000”

Portnoy told Varney he has regrets about his crypto trading history and acknowledged that Bitcoin has been his costliest miscalculation. “Yeah, I’ve got regrets,” Portnoy said. “I bought the thing at $100,000, so I mean, right now, I don’t know what’s going on.”

The media personality also said he has never gotten anything “more wrong” than Bitcoin, a striking admission given how prominently he has publicized his crypto trades over the years. Portnoy has periodically used his social media platforms and TV appearances to broadcast his positions in real time, exposing both his gains and his losses to a wide audience.

In a separate post on X, Portnoy summed up his mood bluntly: “Bitcoin and crypto are making me sad.”

A History of Panic-Selling

This is not the first time Portnoy has cycled through euphoria and regret with Bitcoin. In 2021, he famously “paperhanded” — industry slang for panic-selling — part of his Bitcoin holdings following a price drop, a move that became a widely referenced example of retail trading behavior during that cycle’s volatility.

This time, according to Decrypt, Portnoy says he intends to hold his position rather than repeat that pattern, even suggesting he would stay invested regardless of how far the price falls, including a scenario where Bitcoin’s value goes to zero.

Bitcoin’s Broader Slide

Portnoy’s comments arrive amid a broader pullback across the crypto market. Bitcoin’s drop of more than 50% from its October peak has weighed on sentiment among retail and institutional investors alike, with many market participants pointing to shifting macro conditions and policy uncertainty as contributing factors.

While Portnoy’s trading history is often treated as entertainment rather than financial guidance, his public losses underscore how sharply sentiment has turned since Bitcoin’s record highs last year. Whether he sticks to his stated plan to hold through further declines remains to be seen, given his track record of reacting to sudden price swings.

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