Barstool Sports founder and President Dave Portnoy criticized New York City Mayor Zohran Mamdani’s agenda, warning the city is stuck in a dangerous place and saying some progressive politicians ‘hate America.’
Dave Portnoy says his recent Bitcoin investment has been an expensive lesson in timing, with the Barstool Sports founder revealing he’s down millions but still has no plans to sell despite the cryptocurrency’s sharp decline.
Dave Portnoy opens up about expensive Bitcoin investments, revealing he’s down millions while explaining why he keeps holding on. (Jeff Bottari/Zuffa LLC/Getty Images)
Barstool Sports Founder and President Dave Portnoy joined FOX Business’ Stuart Varney on “Varney & Co.” discussing politics, sports and cryptocurrency, where he admitted to buying Bitcoin near its recent highs and explained why he continues to hold the asset on the downside.
“Yeah, I regretted it, I bought this thing for $100,000,” Portnoy said. “There is nothing I hate more than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it burns.”
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Even though the losses are piling up, Portnoy said he remains invested because he believes that history deals with him more often than not if he exits the market. “I’m holding, I’m going to hold this thing to zero,” he said.
“I’m losing millions on it,” he continued, while admitting that selling now might mean watching it come back and forth without him.
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Portnoy expanded on his complicated history with Bitcoin during a recent appearance on Anthony Pompliano’s “The Pomp Podcast.” He recalled the first time he bought $2 million worth of Bitcoin when it was trading around $11,000 after a conversation with Cameron and Tyler Winklevoss, but he sold almost immediately because he didn’t understand their long-term thesis. In retrospect, Portnoy said the decision proved too costly as Bitcoin’s rapid growth convinced him to re-enter the market at much higher prices.
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In the podcast, Portnoy said he still struggles to predict cryptocurrency movements despite years of following it closely. “I don’t know what’s going on with it,” he said when discussing where Bitcoin could go next, adding that he intends to continue to hold his position even if it continues to fall.
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Portnoy’s comments underscore the volatility that continues to define the cryptocurrency market, even for sophisticated investors who have made both significant gains and significant losses.
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