Dave Portnoy Down Millions on Bitcoin, Vows to Hold This Time
In brief
- Portnoy told Fox Business he's down millions on Bitcoin after buying at $100,000
- Bitcoin fell over 50% from October's $126,080 all-time high to $62,162
- Portnoy vows to hold this time, reversing his 2021 panic-sell strategy
The Pattern Repeats
Portnoy's track record with Bitcoin mirrors a painful cycle. He panic-sold his Bitcoin in 2021 after a drop in price, and he's acutely aware of the pattern. "Every time I sell it, it goes nuclear. Every time I buy it, it tanks," he said on the broadcast.
This time, he says, it's different. "I'm just holding. I'll just hold this thing down to $0," Portnoy told Varney, adding that he knows selling again would trigger another surge. The commitment reflects a shift in his approach—less reactive, more resigned.
A Volatile Trader's Gamble
Portnoy's crypto activity extends well beyond Bitcoin. He previously championed controversial meme coins like SafeMoon and declared himself a proud member of the Link Marines community supporting Chainlink's LINK token. Last year, he got deeper into Solana meme coins, frequently trading in the trenches alongside other risky traders.
His embrace of JAILSTOOL—a meme coin promoted with imagery depicting his face behind bars—exemplifies the risk. The token surged to a market cap above $210 million and earned a listing on centralized exchange Kraken. But as of Friday, the token is down more than 99.5% and trades just above a $1 million market cap.
Portnoy's latest stance on Bitcoin suggests he's learned something from past cycles—or at least that he's tired of being wrong at the wrong time.
