Bitcoin Investor Dave Portnoy Vows to Hold Despite Millions in Losses

Dave Portnoy, the founder of Barstool Sports, has revealed he is holding onto his Bitcoin investment despite significant unrealized losses. Portnoy bought Bitcoin when its price was around $100,000 and is now facing millions in paper losses as the cryptocurrency has seen a substantial correction from its peak. Bitcoin had previously surpassed $126,000 in October 2025 before experiencing a roughly 50% price drop.

Despite the downturn, Portnoy declared he will not sell his holdings this time, even if the price plummets to zero. He explained his past trading pattern involved selling just before a surge and buying at market highs, leading to frustration. "The minute I sell, it goes up; the minute I buy, it goes down," he admitted in a recent interview. This time, he vowed, "I'd rather go down with the ship."

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The minute I sell, it goes up; the minute I buy, it goes down.

Portnoy's decision highlights a common psychological phenomenon known as "regret aversion," where past experiences of missing out on gains influence current investment decisions. While Bitcoin has a history of recovering from widespread skepticism and being declared "dead," analysts suggest Portnoy's commitment to holding will ultimately depend on future market movements and whether his losses exceed his financial tolerance. His public investment journey makes him a notable example of retail investor behavior in highly volatile markets.

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I'd rather go down with the ship.