World

Bitcoin

Tyler

Bitcoin<a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">(BTC)</a> traded near $61,600 after Dave Portnoy said he would hold a loss-making position <a href="https://yellow.com/news/bitcoin-breaks-dollar100k-as-dominance-climbs-and-etfs-see-billions-in-inflows" rel="noopener noreferrer nofollow">bought at $100,000</a> even if it fell to zero.
<blockquote>
 <h2 id="key-points">Key Points:</h2>
 <ul>
 <li>Portnoy said he would not sell Bitcoin after buying near $100,000.</li>
 <li>Bitcoin traded about 37% below his entry and roughly 50% under its October 2024 cycle peak.</li>
 <li>His record shows repeated entries after rallies and exits before major rebounds.</li>
 </ul>
</blockquote>
<h2 id="bitcoin-portnoy">Bitcoin Portnoy</h2>
Portnoy, the founder of Barstool Sports, <a href="https://finance.yahoo.com/markets/crypto/articles/bitcoin-news-today-dave-portnoy-110951199.html" rel="noopener noreferrer nofollow">made</a> the comments on FOX Business during an appearance on "Varney &amp; Co." with host Stuart Varney.
"I'm holding. I'll hold this thing down to zero," Portnoy said. "I know if I sell it, it's going to go nuclear again. I'd rather go down with the ship this time."
Bitcoin was trading around $61,600, according to CoinGecko data cited in the report, up 1.8% on the day but far below Portnoy's entry price. The level left the asset about 37% below his $100,000 buy and roughly 50% under its $126,000 cycle peak from October 2024.
Portnoy said his losses follow a familiar pattern. "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," he said.
Also Read:<a href="https://yellow.com/news/polymarket-whale-world-cup-favorites-loss" rel="noopener noreferrer nofollow">One Polymarket Whale Lost $11.6M Chasing World Cup Favorites</a>
<h2 id="retail-timing">Retail Timing</h2>
Portnoy's Bitcoin history dates back to 2020, when he met Cameron Winklevoss and Tyler Winklevoss and bought about $2 million in BTC near $11,000. He sold the position soon after, before Bitcoin moved above $60,000 about six months later.
In a later interview with Anthony Pompliano, Portnoy said his peak Bitcoin exposure reached about $15 million. He also said he had held XRP<a href="https://yellow.com/asset/xrp" rel="noopener noreferrer nofollow">(XRP)</a>, bought near $1.70, and was down several million dollars across both assets.
The episode fits a common retail trading error: buying after strong rallies and selling during drawdowns. Portnoy had said in late June 2024 that he could put $5 million to $10 million of Barstool corporate funds into Bitcoin if it fell to $40,000, while refusing to buy near $60,000.
Bitcoin never reached that threshold, according to the report, and Portnoy later re-entered above $100,000. His case shows how conviction can fail without entry discipline, position sizing and a clear exit plan.
Read Next:<a href="https://yellow.com/news/gpt-56-sol-fable-5-coding-crown" rel="noopener noreferrer nofollow">Did GPT-5.6 Sol Really Beat Fable 5, Or Just Win The Easier Crown?</a>

Dave Portnoy Vows To Ride Bitcoin To Zero After Buying At $100K

Table of Contents

Yellow News

Other articles published on Jul 6, 2026

Join our free newsletter for daily crypto updates!