In Bitcoin news today, Dave Portnoy, founder of Barstool Sports, is sitting on millions in losses after buying BTC at $100,000 and he has decided his response is to hold the position all the way to zero. Bitcoin is currently trading at $61,6000, according to CoinGecko data, roughly -37% below Portnoy’s entry point and about -50% off the cycle peak of $126,000 reached in October 2024.
Appearing on FOX Business’ Varney & Co. with host Stuart Varney, Portnoy delivered one of the more candid confessions retail crypto has seen in this cycle. “I’m holding. I’ll hold this thing down to zero,” he said. “I know if I sell it, it’s going to go nuclear again. I’d rather go down with the ship this time.”
Portnoy’s comments came as Bitcoin began the week trading at around $61,600, up +1.8% on the day, with the leading digital asset continuing to hold above $60,000, sparking belief that a run toward $70,000 is on the way in Q3.
EXCLUSIVE: Join 99Bitcoin’s $1000 USDT Airdrop on ByBitDave Portnoy says Bitcoin is the one trade he can't win
He told Fox Business he's down millions after buying near $100,000. bitcoin:native has since fallen more than 50% from its October high to around $62,000 now.
"Every time I sell it, it goes nuclear. Every time I buy it, it… pic.twitter.com/5C5PCoZrGM
— BSCN (@BSCNews) July 3, 2026
Bitcoin News Today: A Track Record Built on Bad Timing
Portnoy’s frustration is not new – it is a pattern that stretches back to 2020. He first bought bitcoin after a high-profile meeting with Cameron and Tyler Winklevoss, acquiring roughly $2M worth of BTC at around $11,000 before selling it almost immediately. That position would have been worth approximately $12M when bitcoin crossed $60,000 six months later.
In a subsequent interview with Anthony Pompliano, Portnoy disclosed that his peak bitcoin exposure reached around $15 million, the bulk of which he has since lost. He has also held XRP, buying it near $1.70 and acknowledging he is down several million dollars across both positions combined, yet refuses to exit either. His exact current BTC holdings remain undisclosed.
“Yeah, I got regrets. I bought the thing for $100,000. There’s nothing I’ve been wrong about more than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it tanks,” Portnoy said on Varney & Co.
$BTC is holding above the $62,500-$62,800 support zone.
Spot selling has definitely accelerated, so this support zone is very crucial.
If it holds, Bitcoin's next stop would be around $65,000. pic.twitter.com/ru2QcQi4zM
— Ted (@TedPillows) July 6, 2026
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The Retail Timing Trap, Illustrated in Public
Portnoy’s history is a textbook demonstration of what behavioral finance calls reactive trading, buying into momentum after a strong rally and selling into fear during drawdowns, the exact inverse of what generates returns.
As recently as late June 2024, he said he would consider deploying $5–10M of Barstool corporate funds into Bitcoin if the price fell to $40,000, while explicitly declining to buy at $60,000. The price never hit his threshold, and he eventually re-entered above $100,000.
The uncomfortable truth his story illustrates is that market timing is reliably destructive for most participants, not just celebrities. Portnoy’s public losses, broadcast in real time across FOX Business and social media, underscore a lesson that takes most traders years to learn: entry-price discipline and an exit strategy matter more than conviction in the asset itself.
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