Bitcoin News: Barstool Sports founder Dave Portnoy said on Fox Business that he is sitting on millions in unrealized losses after buying bitcoin near $100,000, adding that he intends to hold the position even if it goes to zero rather than sell again.
The remarks, made on Varney & Co., reflect a recurring pattern in Portnoy’s trading history—buying near local highs, exiting before rallies, and re-entering at higher levels. Bitcoin climbed above $126,000 in October 2025 before falling to around $62,870, according to CoinDesk data. Based on his entry point, Portnoy is down roughly 37%, with peak losses exceeding $60,000 per coin.
Portnoy was direct about his track record. “I have regrets. I bought it at $100,000. There’s nothing I’ve been more wrong about than bitcoin. Every time I sell, it rallies. Every time I buy, it drops,” he said.
His stance is driven less by valuation than by behavior. Rather than making a fundamental case for bitcoin, Portnoy is reacting to a history of mistimed trades. His decision to hold to zero amounts to a self-imposed strategy after repeatedly failing to time exits.
His experience spans multiple market cycles and reflects a broader retail pattern. Portnoy first entered bitcoin in late 2020 with roughly $2 million at around $11,000 but sold quickly, missing a potential sixfold gain as prices surged to $60,000 in early 2021.
He later rebuilt exposure at higher prices, with his position reportedly peaking near $15 million before market declines eroded its value.
In the current cycle, the same dynamic has played out at a larger scale. Portnoy has said he deployed most of his available capital and averaged down during the decline, leaving him with significant unrealized losses. His exact holdings are not publicly disclosed.
The pattern—buying high, selling low, then re-entering higher—highlights the common pitfalls that lead many retail investors to underperform a simple buy-and-hold strategy.
Portnoy’s case underscores the broader challenge of market timing in volatile assets like bitcoin. Evidence consistently shows that active traders tend to generate lower returns than long-term holders, and his experience offers a clear illustration of how behavioral missteps can erode performance over time.
