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Dave Portnoy says his latest Bitcoin investment has become an expensive lesson in timing, with the Barstool Sports founder revealing he is down millions but still has no plans to sell despite the cryptocurrency's sharp decline.
Dave Portnoy opens up about his costly Bitcoin investment, revealing he's down millions while explaining why he's continuing to hold. (Jeff Bottari/Zuffa LLC / Getty Images)
Barstool Sports founder and President Dave Portnoy joined Gxstocks' Stuart Varney on "Varney & Co." to discuss politics, sports and cryptocurrency, where he acknowledged buying Bitcoin near its recent highs and explained why he is continuing to hold the asset through the downturn.
"Yeah, I got regrets, I bought the thing at $100,000," Portnoy said. "There's nothing I've been wrong about more than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it tanks."
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Even with the losses piling up, Portnoy said he is staying invested because he believes history has repeatedly worked against him whenever he exits the market. "I'm holding, I'll hold this thing down to zero," he said.
"I'm losing millions to it," he continued, while acknowledging that selling now would likely mean watching it rebound 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 first buying roughly $2 million worth of Bitcoin when it traded around $11,000 after a conversation with Cameron and Tyler Winklevoss, only to sell almost immediately because he did not understand their long-term thesis. Looking back, Portnoy said the decision proved costly as Bitcoin quickly surged, eventually convincing him to re-enter the market at much higher prices.
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On the podcast, Portnoy said he still struggles to predict the cryptocurrency's moves despite years of following it closely. "I don't know what the hell's going on with it," he said when discussing where Bitcoin could go next, adding that he intends to keep holding 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 high-profile investors who have experienced both significant gains and steep losses.
