Dave Portnoy Is Down Millions on Bitcoin: ‘I’ll Hold This Thing to Zero’

The founder of Barstool Sports bought Bitcoin near $100,000 and is now sitting on unrealized losses of several million dollars. Appearing on Fox Business, he made it clear he refuses to sell under any circumstances — even if it means losing his entire position.

Behind this explosive declaration lies a behavioral pattern that has repeated itself across multiple market cycles — a textbook case of FOMO and poor timing that deserves a closer look.

Because beyond the media spectacle, Portnoy‘s story reflects a reality that many retail investors are quietly living through right now.

A Position Down 37% and a Forced Conviction

Dave Portnoy confirmed on Varney & Co. on Fox Business that he bought Bitcoin at around $100,000. Since then, BTC has dropped to approximately $62,870 according to CoinDesk data, representing an unrealized loss of roughly 37% from his entry price. With Bitcoin’s all-time high surpassing $126,000 reached in October 2025, the drawdown from that peak exceeds $60,000 per coin.

His statement on Fox Business leaves no room for interpretation: “I’m going to hold this thing to zero. I know that if I sell, it’s going to explode to the upside. I’d rather go down with the ship this time.” This is not a fundamental thesis on Bitcoin — it is a discipline imposed by a repeated failure to time exits. Portnoy admits it himself: “There is nothing I have been more wrong about than Bitcoin.”

This posture of the forced holder is a telling sign of a well-documented behavioral bias: faced with a string of poor decisions, some investors substitute conviction for analysis. The public commitment to never sell becomes a mechanism to protect themselves from their own impulsiveness — not a considered investment strategy.

A History of FOMO Repeating Across Multiple Cycles

Portnoy‘s track record with Bitcoin is not an isolated first mistake — it is a pattern that repeats with almost mechanical precision. In late 2020, he entered the market with around $2 million at a price of approximately $11,000 per BTC. He sold almost immediately. Bitcoin then went on to reach $60,000 in early 2021, a potential gain of +445% that he left on the table.

He then rebuilt his exposure at significantly higher levels, with a Bitcoin position that reportedly peaked at around $15 million before being severely cut down by market corrections. The current cycle is reproducing exactly the same dynamic, but at a larger financial scale. Portnoy has publicly admitted to having exhausted most of his available liquidity by averaging down throughout the correction.

This pattern — buying local tops, capitulating before the rebounds, re-entering even higher — is precisely what on-chain data identifies as the typical behavior of retail investors at the tail end of a bull cycle. Indicators such as the MVRV Z-Score and exchange flow data regularly show that small holders buy aggressively just as stronger hands are distributing. Portnoy’s story is not the exception — it is the rule, simply made visible by his public profile.

What This Case Reveals About Crypto Market Psychology

The analytical value of the Portnoy case goes well beyond a simple anecdote. It concretely illustrates two major cognitive biases in trading: FOMO (Fear Of Missing Out), which drives investors to enter after a significant rally, and recency bias, which leads them to extrapolate recent trends indefinitely. Buying Bitcoin at $100,000 after a multi-month run-up is a perfect expression of both.

His decision to “hold to zero” reflects a third bias: the sunk cost fallacy. Rather than evaluating his position on its current merits, Portnoy anchors his decision to what he has already lost — and to the fear of missing the next rally if he exits. This is emotional logic, not rational thinking.

For seasoned crypto investors, this kind of narrative serves as a market sentiment signal. When high-profile public figures are openly sitting on massive losses and clinging to desperate convictions, it often indicates that retail is still heavily positioned — and that the market has not yet fully flushed out its weak hands. A sentiment indicator worth watching just as closely as any on-chain data.