Blab Crypto
Dave Portnoy Declares He Will Hold Bitcoin to Zero Despite Millions in Losses
When the founder of Barstool Sports stepped into the FOX Business studio, he didn’t offer a new investment strategy—he offered a promise. Portnoy told reporters that he will keep his Bitcoin holdings even if the price collapses to zero, despite the fact that he’s already lost millions.
Portnoy’s crypto journey began in 2017 after a chance meeting with the Winklevoss twins. Since then he’s repeatedly bought and sold Bitcoin, at one point holding about $15 million in the asset. A Yahoo Finance piece noted that most of that value has since evaporated.
He revealed on FOX Business that a large chunk of his portfolio was purchased when Bitcoin hovered around $100 000—a level that coincided with the market’s all‑time high of $126 000 in October 2025, according to CoinDesk data. The price later slumped to roughly $63 000, wiping out millions of his holdings.
The crux of his statement was simple: “I won’t sell my Bitcoin even if the market drops to zero.” Portnoy explained that his trading history has been a cycle of buying at peaks and selling just before rallies. Every time he sold, the price surged; every time he bought, the price fell. Faced with this pattern, he abandoned active trading in favor of a long‑term hold strategy.
Psychologically, Portnoy’s stance is a textbook case of loss aversion and FOMO—common in retail investing. In traditional finance, cutting losses is a standard risk‑management rule. In the crypto world, however, holding through downturns—often dubbed “HODLing”—is sometimes celebrated as a sign of conviction. By pledging to hold to zero, Portnoy removes the decision‑making pressure that market swings would otherwise impose.
His comments reverberate beyond his own portfolio. Bitcoin’s volatility, driven by macro liquidity, regulatory sentiment, and collective investor psychology, shows that even high‑net‑worth individuals can suffer significant losses. Portnoy’s experience underscores that no investor, regardless of wealth or platform, is immune to the swings of the digital asset market.
The public nature of crypto investing is also highlighted. When a well‑known media personality discusses losses on national television, it demystifies the asset class but also reminds viewers of its risks. Investors without a financial cushion to absorb large downturns may face harsher consequences.
Portnoy’s decision remains a focal point for both supporters and critics of cryptocurrency. Whether his position will pay off in a future recovery or serve as a cautionary tale depends on market developments that are currently uncertain. For now, the Barstool Sports founder has made it clear that he will keep his Bitcoin holdings regardless of price movements.
The story illustrates the ongoing debate over Bitcoin’s suitability as a store of value for retail investors and the psychological challenges that accompany speculative digital assets.
Portnoy’s crypto journey began in 2017 after a chance meeting with the Winklevoss twins. Since then he’s repeatedly bought and sold Bitcoin, at one point holding about $15 million in the asset. A Yahoo Finance piece noted that most of that value has since evaporated.
He revealed on FOX Business that a large chunk of his portfolio was purchased when Bitcoin hovered around $100 000—a level that coincided with the market’s all‑time high of $126 000 in October 2025, according to CoinDesk data. The price later slumped to roughly $63 000, wiping out millions of his holdings.
The crux of his statement was simple: “I won’t sell my Bitcoin even if the market drops to zero.” Portnoy explained that his trading history has been a cycle of buying at peaks and selling just before rallies. Every time he sold, the price surged; every time he bought, the price fell. Faced with this pattern, he abandoned active trading in favor of a long‑term hold strategy.
Psychologically, Portnoy’s stance is a textbook case of loss aversion and FOMO—common in retail investing. In traditional finance, cutting losses is a standard risk‑management rule. In the crypto world, however, holding through downturns—often dubbed “HODLing”—is sometimes celebrated as a sign of conviction. By pledging to hold to zero, Portnoy removes the decision‑making pressure that market swings would otherwise impose.
His comments reverberate beyond his own portfolio. Bitcoin’s volatility, driven by macro liquidity, regulatory sentiment, and collective investor psychology, shows that even high‑net‑worth individuals can suffer significant losses. Portnoy’s experience underscores that no investor, regardless of wealth or platform, is immune to the swings of the digital asset market.
The public nature of crypto investing is also highlighted. When a well‑known media personality discusses losses on national television, it demystifies the asset class but also reminds viewers of its risks. Investors without a financial cushion to absorb large downturns may face harsher consequences.
Portnoy’s decision remains a focal point for both supporters and critics of cryptocurrency. Whether his position will pay off in a future recovery or serve as a cautionary tale depends on market developments that are currently uncertain. For now, the Barstool Sports founder has made it clear that he will keep his Bitcoin holdings regardless of price movements.
The story illustrates the ongoing debate over Bitcoin’s suitability as a store of value for retail investors and the psychological challenges that accompany speculative digital assets.
