Dave Portnoy, the outspoken founder of Barstool Sports, has never been one to shy away from a gamble. However, his long-standing, turbulent relationship with the cryptocurrency market has recently hit a new, painful low. In a candid discussion with Fox Business<\/em> host Stuart Varney, the media personality revealed that he is currently nursing losses in the millions of dollars, a direct result of the recent volatility surrounding Bitcoin<\/strong>.<\/p>\n \nPortnoy\u2019s track record in the digital asset space is, by his own admission, remarkably poor. Reflecting on his recent entry point, he noted, “I bought the thing at $100,000, so I mean, right now, I don’t know what\u2019s going on.” <\/p>\n This isn’t the first time Portnoy has found himself on the wrong side of a market cycle. His history with crypto is littered with “paperhanding”-a slang term for investors who panic-sell their holdings during a downturn. He famously capitulated in 2021, dumping his Bitcoin stash during a price correction, only to watch in frustration as the market rebounded shortly after. <\/p>\n “There\u2019s nothing I’ve been wrong about more than Bitcoin,” Portnoy confessed to Varney. “Every time I sell it, it goes nuclear. Every time I buy it, it tanks.”<\/p>\n \nDespite the significant drawdown-with Bitcoin retreating from its record highs near $126,000 to the $62,000 range-Portnoy claims he is adopting a different approach this time around. Rather than succumbing to the urge to sell at a loss, he has committed to a “ride or die” mentality.<\/p>\n “I\u2019m just holding. I\u2019ll just hold this thing down to $0,” he stated. “I know if I sell it, it\u2019s going to go nuclear again. I\u2019d rather go down with the ship this time.”<\/p>\n \nPortnoy\u2019s crypto journey has never been limited to just the market leader. Over the years<\/p>\n","protected":false},"excerpt":{"rendered":" In brief Barstool Sports founder Dave Portnoy said he’s down millions of dollars on Bitcoin as the top coin falls. Portnoy admitted he’s never gotten anything “more wrong” than the leading cryptocurrency. In 2021 he famously “paperhanded,” or panic sold, some of his Bitcoin after a price drop. Barstool Sports founder and media personality Dave<\/p>\n","protected":false},"author":55,"featured_media":9592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ai_generated_summary":"","wpai_meta_description":"","footnotes":""},"categories":[5],"tags":[105,36],"class_list":["post-9591","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crypto","tag-markets","tag-mixtv"],"_links":{"self":[{"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/posts\/9591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/comments?post=9591"}],"version-history":[{"count":0,"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/posts\/9591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/media\/9592"}],"wp:attachment":[{"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/media?parent=9591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/categories?post=9591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mixtv1.com\/index.php\/wp-json\/wp\/v2\/tags?post=9591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}A History of Poor Timing<\/h4>\n
Changing Strategy: From Panic-Selling to “Going Down with the Ship”<\/h4>\n
Beyond Bitcoin: A Portfolio of Volatility<\/h4>\n