Portnoy vows to hold Bitcoin to zero after $100K buy
In brief
- Portnoy bought Bitcoin at $100,000; now sits on millions in losses at $63,000
- Bitcoin peaked above $126,000 in October before halving to current levels
- He pledges to hold to zero rather than repeat his pattern of selling before rallies
- Portnoy admits Bitcoin is his biggest investment mistake
The regret play
Portnoy told FOX Business' Stuart Varney he has "regrets" about his entry point. The timing, he explained, reflects a longer pattern. "There's nothing I've been wrong about more than Bitcoin," Portnoy said. "Every time I sell it, it goes nuclear. Every time I buy it, it tanks."
That track record has left him resolute about staying put this time. He stated he will hold down to zero rather than exit again and watch the price surge without him.
A costly conviction
Portnoy's exact Bitcoin holdings remain undisclosed, but the scale of his losses suggests a meaningful position. The gap between his $100,000 buy and current prices represents a steep drawdown. His public commitment to hold through further declines—if they come—appears designed to break a cycle of selling low and missing rallies.
The broader Bitcoin market has been volatile. The asset peaked above $126,000 in October before falling sharply. Whether Portnoy's resolve will hold if prices continue sliding remains an open question.
