Barstool Sports founder Dave Portnoy has vowed to hold on to his Bitcoin investment even if it drops to zero after revealing he lost millions of dollars on a position bought near $100,000.
summary
- Dave Portnoy says he will hold Bitcoin even if it drops to zero after losing millions on his investments.
- Portnoy admits that years of wrong Bitcoin trades convinced him not to sell during the current recession.
- Robert Kiyosaki and Bitwise IT Director Matt Hogan continue to offer mixed long-term forecasts for Bitcoin.
According to interview With Fox Business host Stuart Varney, Portnoy admitted that his history with Bitcoin has been defined by buying at the wrong time and selling before major spikes.
Speaking about his latest post, he said he had bought Bitcoin for around $100,000 and acknowledged the investment was now significantly underwater after the asset lost more than half its value from its October peak of $126,080 to around $62,162.
Rather than exit the position, Portnoy said he intends to keep it. He told Varney that previous attempts to sell Bitcoin repeatedly backfired because the cryptocurrency soared shortly thereafter. After trying this pattern several times, he said he would rather hold the asset no matter how low the price gets.
Portnoy also described himself as someone who was consistently wrong in his Bitcoin trades. Looking at previous market cycles, he pointed to panic selling of the cryptocurrency during the price decline in 2021 before it recovered sharply, adding that those experiences shaped his decision not to sell this time.
Bitcoin outlook remains divided
Even as Portnoy continues to hold Bitcoin, market participants still disagree on where prices could move next.
Earlier this week, as I mentioned By crypto.news A prediction by Robert Kiyosaki, author of Rich Dad Poor Dad, that the price of Ethereum could reach $95,000 by mid-2027 has resurfaced across cryptocurrency social media. Kiyosaki claimed that a severe global financial crisis could lead to a significant repricing of alternative assets.
Under this scenario, he said, Ethereum could rise to $95,000 within a year of such an event, while Bitcoin could rise to $750,000 with gold reaching $35,000 an ounce and silver reaching $200.
A day later, Matt Hogan, chief investment officer at Bitwise, said books Bitcoin appears to be entering the final phase of its correction after the STRC-related unwinding led to a reduction in excess leverage. At the time, he said he expected a new bull market for Bitcoin to begin in the fall.
Although he warned that identifying the exact bottom is impossible in real time, he said that recent developments indicate that the market may be entering the final phase of the current cycle.
Hogan also argued that Bitcoin’s next rally will likely depend less on retail traders and more on institutional investors, including banks, pension funds, sovereign wealth funds, asset managers, financial advisors and endowments. Based on this view, he said he expects a new bull market for Bitcoin to begin in the fall.
Portnoy’s cryptocurrency history extends far beyond Bitcoin
Away from Bitcoin, Portnoy has been involved in several high-profile cryptocurrency projects over the years. He previously Promoted SafeMoon meme coin and publicly identified himself with the Chainlink community, often referred to as Link Marines.
His business later expanded to include Solana-based meme currencies. After revealing his wallet address and facing criticism from some traders who accused him of pumping and dumping coins, Portnoy publicly… I embraced JAILSTOOL, a meme coin based on photos of him behind bars. The token later rose above the market cap of $210 million and was listed on cryptocurrency exchange Kraken. However, it has since lost more than 99.5% of its value and now trades with a market cap of just over $1 million.
