Portnoy Down Millions on Bitcoin: 'Every Time I Buy, It Tanks'
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- Dave Portnoy told Fox Business host Stuart Varney he's down millions on Bitcoin, which has fallen more than 50% from its October all-time high of $126,080 to a recent price of $62,162.
- Portnoy admitted, "There's nothing I've been wrong about more than Bitcoin," adding, "Every time I sell it, it goes nuclear. Every time I buy it, it tanks," after buying at roughly $100,000.
- Despite the losses, Portnoy said he's "just holding" this time, declaring, "I'd rather go down with the ship," reversing his 2021 habit of panic-selling — or "paperhanding" — Bitcoin after price drops.
- Portnoy's broader crypto history includes championing SafeMoon, self-identifying as a Link Marine (Chainlink/LINK token backer), and trading Solana meme coins in 2025, including self-promoted JAILSTOOL.
- JAILSTOOL surged to a market cap above $210 million and earned a Kraken exchange listing after Portnoy embraced it, but is down more than 99.5% to just above a $1 million market cap.
Why it matters: Portnoy's public embrace-and-loss cycle — buying $100K BTC, watching it halve, and now pledging to hold — highlights how retail traders who bought the post-election rally are sitting on severe paper losses, with the asset down roughly 50% from its October peak and trading near $62,000.
