- ‘Me and crypto are oil and water’: Inside Dave Portnoy’s crypto ways
- $1 million Bitcoin prophecy from Jack Dorsey
Barstool Sports activities founder Dave Portnoy, recognized for his eccentric takes on the crypto market, has as soon as once more confirmed his unofficial standing because the particular person with the worst timing within the business after admitting to multimillion-dollar losses on his key positions.
In a current social media handle, Portnoy publicly confirmed that he owns a ton of Bitcoin and a substantial quantity of XRP, stressing that amid the present extended nosedive, his internet losses are already measured in thousands and thousands of {dollars}.
Furthermore, in line with the businessman, he has utterly exhausted his free money in the course of the intermediate phases of the decline, successfully shedding the power to defend his portfolio.
‘Me and crypto are oil and water’: Inside Dave Portnoy’s crypto ways
Essentially the most painful hit apparently got here from his XRP place, which Portnoy entered close to an area peak in late January 2026 at round $1.70, in line with accessible knowledge, whereas on the time of his assertion the alternate worth had already fallen to $1.17.
On the identical time, his large Bitcoin place can also be underneath extreme promoting strain, with the asset holding close to the psychological degree of $63,000. His try to purchase the native backside has become a protracted confrontation with the development, because the charts saved falling sooner than new funds may seem.
In his assertion, the investor instantly complained concerning the pointlessness of such a technique, when an individual continues spending cash on a falling asset whereas free money merely runs out, including that his relationship with cryptocurrency nonetheless resembles an try to combine water with oil.
$1 million Bitcoin prophecy from Jack Dorsey
The ultimate blow on this chain of failures was his wager on shares of the most important Bitcoin treasury agency, Technique (MSTR), which become an ideal storm for the investor. If Portnoy did certainly enter Technique shares a few week in the past, then in that quick interval their worth managed to fall by one other 20%.
The decline was worsened by a historic precedent, as simply days in the past Michael Saylor’s firm broke its long-standing “by no means promote” doctrine and offered 32 BTC from its reserve for the primary time within the final three years to pay dividends.
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Regardless of overtly panicked sentiment and polarized opinions throughout social media, Portnoy introduced that he intends to point out nerves of metal and maintain his positions with out locking within the loss. His primary psychological anchor stays an previous dialog with former Twitter CEO Jack Dorsey, who as soon as personally satisfied Dave that Bitcoin would inevitably rise to $1 million.
Drawing parallels between the present chaos on exchanges and his bets on the Saratoga racetrack, Portnoy summed up that the present crash is a superb sale, however solely these gamers who, not like him, nonetheless have dry powder left will be capable of reap the benefits of it.