'Each Time I Purchase It, It Tanks': Dave Portnoy Says He's Dropping Thousands and thousands as Bitcoin Falls – Decrypt

Barstool Sports activities founder and media character Dave Portnoy is aware of he’s not an professional crypto dealer—however that’s by no means stopped him from making an attempt again and again for a number of years now.

This week, Portnoy advised Fox Enterprise host Stuart Varney that he’s down hundreds of thousands on Bitcoin, the highest crypto asset by market cap, because it has fallen greater than 50% from its October all-time excessive of $126,080 to a current worth of $62,162.

“Yeah, I’ve obtained regrets,” Portnoy advised Varney about his crypto buying and selling expertise. “I purchased the factor at $100,000, so I imply, proper now, I do not know what’s occurring.”

Portnoy supplied an trustworthy evaluation of his storied historical past with crypto buying and selling, which incorporates moments the place he “fucking paperhanded,” or panic-sold his Bitcoin in 2021 after a drop within the worth. 

“There’s nothing I have been fallacious about greater than Bitcoin,” he advised Varney. “Each time I promote it, it goes nuclear. Each time I purchase it, it tanks.”

Regardless of the constant downward worth motion for Bitcoin and different high crypto property in current months, Portnoy mentioned this time he’s simply holding his floor. 

“I’m simply holding. I’ll simply maintain this factor all the way down to $0,” he mentioned. “I do know if I promote it, it’s going to go nuclear once more.”

“I’d reasonably go down with the ship this time,” Portnoy added. 

Portnoy’s crypto historical past extends past Bitcoin, although, beforehand championing controversial meme cash like SafeMoon (SFM) whereas additionally declaring himself a proud member of the Hyperlink Marines, a group of buyers that help LINK, the native token of the oracle community Chainlink.

Final 12 months, Portnoy obtained deeper into Solana meme cash, incessantly buying and selling within the trenches alongside different dangerous merchants. After doxxing his pockets and incomes criticism for allegedly “pumping and dumping” meme cash, Portnoy embraced JAILSTOOL, a meme coin promoted with imagery that depicted his face behind bars. 

“Hey crypto bros, I believe whoever made this coin is humorous and I wish to gather it as a reminiscence of you bitches crying like little infants,” he mentioned. 

The token surged to a market cap above $210 million and earned an inventory on centralized trade Kraken. However as of Friday, the token is down greater than 99.5% and trades simply above a $1 million market cap.