Barstool Sports founder Dave Portnoy recently shared insights into his tumultuous journey in cryptocurrency trading, specifically his significant losses in Bitcoin. Speaking with Fox Business host Stuart Varney, Portnoy revealed that he is down millions on Bitcoin, as the leading cryptocurrency has dropped over 50% from its previous high of $126,080 last October to approximately $62,162.
Portnoy candidly expressed regret about his investment decisions, stating, “Yeah, I’ve got regrets,” particularly noting his purchase of Bitcoin at the $100,000 mark. His frustration is mirrored in a recent social media post, where he lamented that Bitcoin and the broader crypto market were making him “sad.”
Reflecting on his past experiences with Bitcoin, Portnoy stated, “There’s nothing I’ve been wrong about more than Bitcoin.” He recounted a particularly infamous moment in 2021 when he “paperhanded”—a term for panic selling—his Bitcoin after a market dip, leading to further losses. Despite his ongoing struggles, he opted to hold onto his Bitcoin this time, declaring, “I’m just holding. I’ll just hold this thing down to $0.” He conveyed a sense of resignation, explaining, “I know if I sell it, it’s going to go nuclear again. I’d rather go down with the ship this time.”
Beyond Bitcoin, Portnoy’s ventures into the cryptocurrency realm have included participation in various meme coins. He previously promoted tokens like SafeMoon and expressed support for the Link Marines, a community rallying around Chainlink’s native token, LINK. Recently, he engaged in trading Solana meme coins and even faced backlash for allegedly “pumping and dumping” these tokens.
One of his more controversial promotions included JAILSTOOL, a meme coin that depicted him behind bars, which initially surged to a market cap of over $210 million. However, that token has since plummeted by more than 99.5%, now trading just above a $1 million market cap.
As Bitcoin and other cryptocurrencies continue to experience volatility, Portnoy’s experiences highlight the unpredictable nature of the crypto market and the emotional rollercoaster that often accompanies trading in this space.
