In Bitcoin news today, Dave Portnoy, founder of Barstool Sports, is sitting on millions in losses after buying BTC at $100,000 and he has decided his response is to hold the position all the way to zero. Bitcoin is currently trading at $61,6000, according to CoinGecko data, roughly -37% below Portnoy\u2019s entry point and about -50% off the cycle peak of $126,000 reached in October 2024.<\/p>\n
Appearing on FOX Business\u2019 Varney & Co. with host Stuart Varney, Portnoy delivered one of the more candid confessions retail crypto has seen in this cycle. \u201cI\u2019m holding. I\u2019ll hold this thing down to zero,\u201d he said. \u201cI know if I sell it, it\u2019s going to go nuclear again. I\u2019d rather go down with the ship this time.\u201d<\/p>\n
Portnoy\u2019s comments came as Bitcoin began the week trading at around $61,600, up +1.8% on the day, with the leading digital asset continuing to hold above $60,000, sparking belief that a run toward $70,000 is on the way in Q3.<\/p>\n
Dave Portnoy says Bitcoin is the one trade he can’t win<\/p>\n
He told Fox Business he’s down millions after buying near $100,000. bitcoin:native has since fallen more than 50% from its October high to around $62,000 now.<\/p>\n
“Every time I sell it, it goes nuclear. Every time I buy it, it\u2026 pic.twitter.com\/5C5PCoZrGM<\/a><\/p>\n \u2014 BSCN (@BSCNews) July 3, 2026<\/a><\/p>\n\n EXCLUSIVE: Join 99Bitcoin\u2019s $1000 USDT Airdrop on ByBit<\/span><\/a><\/p>\n Portnoy\u2019s frustration is not new \u2013 it is a pattern that stretches back to 2020. He first bought bitcoin after a high-profile meeting with Cameron and Tyler Winklevoss, acquiring roughly $2M worth of BTC at around $11,000 before selling it almost immediately. That position would have been worth approximately $12M when bitcoin crossed $60,000 six months later.<\/p>\n In a subsequent interview with Anthony Pompliano, Portnoy disclosed that his peak bitcoin exposure reached around $15 million, the bulk of which he has since lost. He has also held XRP, buying it near $1.70 and acknowledging he is down several million dollars across both positions combined, yet refuses to exit either. His exact current BTC holdings remain undisclosed.<\/p>\n \u201cYeah, I got regrets. I bought the thing for $100,000. There\u2019s nothing I\u2019ve been wrong about more than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it tanks,\u201d Portnoy said on Varney & Co.<\/p>\n $BTC<\/a> is holding above the $62,500-$62,800 support zone.<\/p>\n Spot selling has definitely accelerated, so this support zone is very crucial.<\/p>\n If it holds, Bitcoin’s next stop would be around $65,000. pic.twitter.com\/ru2QcQi4zM<\/a><\/p>\n \u2014 Ted (@TedPillows) July 6, 2026<\/a><\/p>\n\n DISCOVER:\u00a0Best Meme Coin ICOs to Invest in 2026<\/a><\/strong><\/p>\n Portnoy\u2019s history<\/a> is a textbook demonstration of what behavioral finance<\/a> calls reactive trading, buying into momentum after a strong rally and selling into fear during drawdowns, the exact inverse of what generates returns.<\/p>\n As recently as late June 2024, he said he would consider deploying $5\u201310M of Barstool corporate funds into Bitcoin if the price fell to $40,000, while explicitly declining to buy at $60,000. The price never hit his threshold, and he eventually re-entered above $100,000.<\/p>\n The uncomfortable truth his story illustrates is that market timing is reliably destructive for most participants, not just celebrities. Portnoy\u2019s public losses, broadcast in real time across FOX Business and social media, underscore a lesson that takes most traders years to learn: entry-price discipline and an exit strategy matter more than conviction in the asset itself.<\/p>\n EXPLORE:\u00a0Best Crypto Presales With Asymmetric Upside in the Current Market<\/a><\/strong><\/p>\n The post Bitcoin News Today: Dave Portnoy Vows to Hold BTC to Zero After $100K Buy<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" In Bitcoin news today, Dave Portnoy, founder of Barstool Sports, is sitting on millions in losses after buying BTC at $100,000 and he has decided his response is to hold the position all the way to zero. Bitcoin is currently trading at $61,6000, according to CoinGecko data, roughly -37% below Portnoy\u2019s entry point and about […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-193261","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/193261"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=193261"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/193261\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=193261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=193261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=193261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin News Today: A Track Record Built on Bad Timing<\/h2>\n
The Retail Timing Trap, Illustrated in Public<\/h2>\n