Dave Portnoy: Down Millions After Buying Bitcoin Near $100K

Barstool Sports founder Dave Portnoy said he is down millions after buying Bitcoin at about $100,000, as the token declined more than 50% from its October peak of $126,080 to roughly $62,162.

In an interview this week, he told the host, “Yeah, I’ve got regrets. I bought the thing at $100,000, so I mean, right now, I don’t know what’s going on.”

He acknowledged earlier trading mistakes, saying he “paperhanded” — a slang term for panic-selling — in 2021 after a price drop. On social media he wrote, “Bitcoin and crypto are making me sad.” He added, “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.”

Portnoy said he will hold his current Bitcoin position rather than sell, stating, “I’m just holding. I’ll just hold this thing down to $0,” and that he would rather “go down with the ship” than trigger a rebound by selling.

His involvement in crypto extends beyond Bitcoin. Over several years he promoted and traded meme tokens and alternative tokens, including SafeMoon and tokens on the Solana network. He has associated with online supporters of Chainlink’s LINK token and faced criticism for making his wallet public and for promoting tokens that later collapsed in value.

One meme token tied to his image, JAILSTOOL, reached a market capitalization above $210 million after heavy promotion and a centralized exchange listing; it has since lost more than 99.5% of its value and now trades at just over $1 million in market cap.

Portnoy gained wider attention during the COVID-19 pandemic after adopting the “Davey Day Trader” persona and offering public commentary on stocks and cryptocurrencies.