Barstool’s Portnoy plans to hold bitcoin down to $0 after timing it wrong every time

Barstool Sports founder Dave Portnoy made headlines this week when he declared that he would hold onto his bitcoin investment, even if it meant watching it plummet all the way down to zero. Portnoy, known for his bold and often controversial statements, admitted to struggling with timing the volatile cryptocurrency market.

In an interview with FOX Business’ Stuart Varney on Varney & Co, Portnoy stated, “I’m holding. I’ll hold this thing down to zero. I know if I sell it, it’s going to go nuclear again. I’d rather go down with the ship this time.” This declaration comes as bitcoin’s price has fluctuated significantly in recent months, with Portnoy revealing that he purchased bitcoin at $100,000 and is now facing millions of dollars in losses. The price of BTC peaked above $126,000 in October last year, only to drop to $63,000 at present, according to CoinDesk data.

Reflecting on his investment decisions, Portnoy expressed regret, stating, “Yeah, I got regrets. I bought the thing at $100,000. 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.” Despite his losses, Portnoy remains steadfast in his decision to hold onto his bitcoin holdings, even as the market continues to be unpredictable.

Portnoy’s willingness to ride out the volatility of the cryptocurrency market reflects his bold and risk-taking nature, as well as his belief in the long-term potential of bitcoin. While the exact amount of bitcoin in his possession remains undisclosed, Portnoy’s decision to hold onto his investment, despite facing significant losses, showcases his determination and resilience in the face of adversity.

As Portnoy navigates the ups and downs of the cryptocurrency market, his unwavering commitment to his bitcoin investment serves as a reminder of the unpredictability of the market and the risks involved in trading digital assets. Whether bitcoin will rebound or continue to face challenges remains to be seen, but one thing is certain – Portnoy is prepared to weather the storm, no matter how turbulent it may be.