Barstool Founder Portnoy Vows to Hold Bitcoin Until It Goes "Zero," Admitting Mistakes in Timing Trades

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

Portnoy admitted that he bought Bitcoin near the $100,000 range and is currently facing a loss of millions of dollars. He acknowledged that he has been more wrong about Bitcoin than anything else, as every time he sells, the price skyrockets, and every time he buys, the price falls.

It is worth noting that Portnoy has a controversial history in the MEME coin space. In February 2025, he launched the GREED token on Pump.fun, bought 35.79% of the supply, and then sold off in one go, causing the token to plummet by 99%. Despite this, he made a profit of around $258,000. After facing backlash, he released GREED2 and JAILSTOOL, and openly mentioned during a live stream, "I did consider a rug pull, and I might still be thinking about it now." Additionally, he was involved in the collapse of the LIBRA token endorsed by Argentine President Milagro (invested $4.5 million, recovered $5 million in compensation) and an early lawsuit with SafeMoon (settled for $20,000).