Portnoy Down Millions on Bitcoin, Vows to 'Go Down With the Ship'
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- 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 bought Bitcoin at $100,000 and lamented: "Every time I sell it, it goes nuclear. Every time I buy it, it tanks."
- Portnoy panic-sold ("paperhanded") his Bitcoin in 2021 after a price drop, but said he won't repeat that mistake: "I'd rather go down with the ship this time"
- Portnoy's crypto losses extend beyond Bitcoin, including championing SafeMoon, joining the Chainlink "Link Marines," and trading Solana meme coins last year
- JAILSTOOL, a meme coin Portnoy embraced featuring his face behind bars, surged to a $210 million market cap and earned a Kraken listing, but is now down more than 99.5% to just above $1 million
Why it matters: Portnoy's public vow to hold Bitcoin "down to $0" marks a sharp reversal from his 2021 paperhanding — the same trader who panic-sold last time is now betting on staying power. His broader track record (JAILSTOOL down 99.5%, SafeMoon champion) frames the Bitcoin loss not as a one-off bet but as the latest entry in a long string of costly crypto calls, making his hold-the-line stance either genuine conviction or a familiar pattern of buying high.
Ask SkimNews
