Barstool Sports activities founder and President Dave Portnoy blasted New York Metropolis Mayor Zohran Mamdani’s socialist agenda, warning town is headed in a harmful route and saying some progressive politicians ‘hate America.’
Dave Portnoy says his newest Bitcoin funding has grow to be an costly lesson in timing, with the Barstool Sports activities founder revealing he’s down tens of millions however nonetheless has no plans to promote regardless of the cryptocurrency’s sharp decline.
Dave Portnoy opens up about his expensive Bitcoin funding, revealing he is down tens of millions whereas explaining why he is persevering with to carry. (Jeff Bottari/Zuffa LLC / Getty Pictures)
Barstool Sports activities founder and President Dave Portnoy joined FOX Enterprise’ Stuart Varney on “Varney & Co.” to debate politics, sports activities and cryptocurrency, the place he acknowledged shopping for Bitcoin close to its current highs and defined why he’s persevering with to carry the asset by way of the downturn.
“Yeah, I received regrets, I purchased the factor at $100,000,” Portnoy stated. “There’s nothing I have been improper about greater than Bitcoin. Each time I promote it, it goes nuclear. Each time I purchase it, it tanks.”
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Even with the losses piling up, Portnoy stated he’s staying invested as a result of he believes historical past has repeatedly labored towards him at any time when he exits the market. “I am holding, I am going to maintain this factor right down to zero,” he stated.
“I am shedding tens of millions to it,” he continued, whereas acknowledging that promoting now would probably imply watching it rebound with out him.
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Portnoy expanded on his difficult historical past with Bitcoin throughout a current look on Anthony Pompliano’s “The Pomp Podcast.” He recalled first shopping for roughly $2 million value of Bitcoin when it traded round $11,000 after a dialog with Cameron and Tyler Winklevoss, solely to promote virtually instantly as a result of he didn’t perceive their long-term thesis. Trying again, Portnoy stated the choice proved expensive as Bitcoin rapidly surged, finally convincing him to re-enter the market at a lot larger costs.
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On the podcast, Portnoy stated he nonetheless struggles to foretell the cryptocurrency’s strikes regardless of years of following it intently. “I do not know what the hell’s occurring with it,” he stated when discussing the place Bitcoin might go subsequent, including that he intends to maintain holding his place even when it continues to fall.
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Portnoy’s feedback underscore the volatility that continues to outline the cryptocurrency market, even for high-profile buyers who’ve skilled each important positive factors and steep losses.
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