Dave Portnoy admitted he is losing millions of dollars on Bitcoin, in an interview with Fox Business host Stuart Varney.
The founder of Barstool Sports bought Bitcoin when it was trading around $100,000 and now watches it hover near $62,000, more than 50% below its all-time high of $126,080 reached last October.
“There is nothing I have been more wrong about than Bitcoin. Every time I sell, it explodes. Every time I buy, it crashes,” Portnoy told Varney. Unlike previous episodes — such as when in 2021 he panic-sold part of his position following a price drop — this time he stated that he has no intention of selling his holdings. “I’d rather go down with the ship this time,” Portnoy said.
Portnoy’s history with cryptocurrencies is extensive. In the past he promoted the memecoin SafeMoon and declared himself a member of the Link Marines, the community of holders of the Chainlink LINK token.
More recently, he traded memecoins on the Solana network and was linked to JAILSTOOL, a token that used his likeness and reached a market capitalization of over $210 million after being listed on Kraken. That token has since lost more than 99.5% of its value and now trades just above one million dollars.
Source: https://www.foxbusiness.com/media/dave-portnoy-reveals-he-losing-millions-brutal-bitcoin-crash
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
