Barstool founder Portnoy says he will hold Bitcoin “to zero,” admitting he repeatedly got the buy and sell timing wrong

BlockBeats news, July 5, Barstool Sports founder Dave Portnoy recently stated on Fox Business's "Varney & Co." that he will not sell his holdings even if Bitcoin drops to zero. He told host Stuart Varney, "I'm going to hold onto it, even if it goes to zero, I won't sell," and said this time he would rather "go down with the ship" than repeat the mistake of selling before a big rally.

Portnoy admitted to buying Bitcoin near the high of $100k and is currently facing millions in paper losses. He confessed that on Bitcoin, he has "never been more wrong" — every time he sold, the price soared, and every time he bought, the price dropped.

Notably, Portnoy has a questionable track record in the MEME coin space — in February 2025, he launched the GREED token on Pump.fun, bought 35.79% of the supply, then dumped it all at once, causing the token to crash 99% while he made around $258k. After being criticized, he quickly launched GREED2 and JAILSTOOL, and admitted on a livestream that he "did think about a rug pull, and might still be thinking about it." He is also involved in the collapse of the LIBRA token endorsed by Argentine President Milei (he bought $4.5 million and later recovered $5 million in compensation) and the earlier SafeMoon lawsuit (settled for $20k).