Bitcoin News: Barstool Sports founder Dave Portnoy said he is nursing millions in unrealized losses after buying bitcoin near $100,000, and insists he will hold the position even if it falls to zero rather than risk selling before another rally.
Speaking on Varney & Co., Portnoy’s comments highlight a repeated trading pattern—buying near peaks, exiting too early, and re-entering at higher prices. Bitcoin surged past $126,000 in October 2025 before sliding to around $62,870, leaving Portnoy down roughly 37% from his entry point.
“I’ve got regrets. I bought it at $100,000. There’s nothing I’ve been more wrong about than bitcoin. Every time I sell, it takes off. Every time I buy, it drops,” he said.
His approach is driven more by experience than analysis. Rather than making a fundamental case, Portnoy appears to be reacting to a history of poor timing, adopting a hold-at-all-costs stance as a form of discipline.
His track record reflects a broader retail pattern. He first bought bitcoin in late 2020 with about $2 million at roughly $11,000, only to sell quickly and miss a major rally to $60,000. He later rebuilt his position at higher levels, with exposure reportedly peaking near $15 million before declining in value.
In the current cycle, Portnoy said he deployed most of his available capital and averaged down during the downturn, leaving him with substantial paper losses. His exact holdings remain undisclosed.
The cycle of buying high, selling low, and re-entering higher continues to distinguish many retail traders from long-term holders, who typically outperform over time.
Portnoy’s experience underscores a key reality of crypto markets: attempts to time volatile assets like bitcoin often result in weaker returns than simply holding through cycles.
