Barstool Sports founder Dave Portnoy said he is prepared to hold his bitcoin position even if its value falls to zero, after buying near the $100,000 level.
Speaking this week, Portnoy acknowledged his ongoing difficulty in timing the market, stating that he plans to stay invested regardless of further downside.
“I’m holding. I’ll hold this thing down to zero,” Portnoy said during an appearance on FOX Business’ Varney & Co. “Every time I sell, it takes off again. I’d rather ride it out this time, even if it goes the other way.”
Portnoy revealed he purchased bitcoin at around $100,000 and is now sitting on losses amounting to millions. The cryptocurrency had previously surged above $126,000 in October last year before falling to roughly $63,000, according to CoinDesk data.
“I do have regrets. I bought it at $100,000. There’s nothing I’ve been more wrong about than bitcoin,” he said. “Whenever I sell, it rallies. Whenever I buy, it drops.” His exact holdings remain undisclosed.
His remarks highlight a common challenge faced by investors in highly volatile markets: the difficulty of accurately timing entries and exits. Many traders end up selling before rallies and buying ahead of downturns, repeatedly finding themselves on the wrong side of price movements.
While it remains uncertain whether his decision to hold will align with bitcoin’s longer-term trajectory, Portnoy’s candid reflection underscores a lesson many retail investors eventually learn—the challenge of market timing often makes a long-term holding approach the more effective strategy.
