Dave Portnoy vows to hold Bitcoin despite losing millions

Barstool Sports founder Dave Portnoy says he is down millions of dollars on his Bitcoin investment but has no intention of selling, even if the cryptocurrency's price falls to zero. Portnoy made the comments in an interview with Fox Business host Stuart Varney this week, acknowledging he bought Bitcoin when it was trading near $100,000.

The cryptocurrency is currently trading around $62,000, more than 50% below its all-time high of $126,080 reached last October. Portnoy said his history with Bitcoin has been defined by poor timing, having repeatedly sold before major rallies and bought before declines. He recalled panic-selling during a price drop in 2021, only to watch the asset recover sharply.

"Every time I sell it, it goes nuclear. Every time I buy it, it tanks," Portnoy told Varney. "I'd rather go down with the ship this time."

His stance highlights a divided outlook for Bitcoin among market participants. Earlier this week, Bitwise Chief Investment Officer Matt Hougan suggested Bitcoin could be entering the final stage of its correction, with a new bull market potentially beginning in the fall. He argued the next rally would likely be driven more by institutional investors...