Bitcoin (BTC) to become toilet paper, they said... Dave Portnoy "No intention to sell"

▲ Bitcoin (BTC), decline/ChatGPT generated image

Dave Portnoy has suffered millions of dollars in losses from his Bitcoin (BTC) holdings, which once swelled to $15 million, but he made it clear that he has no intention of selling, even saying it “could go to zero.”

According to cryptocurrency media outlet Benzinga on July 2 (local time), Barstool Sports founder Portnoy stated in an interview with Anthony Pompliano that he once held $15 million worth of Bitcoin but lost most of it. He maintained his stance of not selling Bitcoin despite the current losses.

Portnoy's ill-fated relationship with Bitcoin began during a meeting with the Winklevoss twins. He bought $2 million worth of Bitcoin when it was $11,000, but immediately sold it after the meeting, stating that he was not convinced by the explanation. Bitcoin then rose to $60,000 in about six months, and his original $2 million purchase could have been worth approximately $12 million at that time.

Portnoy later bought Bitcoin again at a higher price, and his holdings grew to approximately $15 million at their peak. However, due to market decline, his current position has significantly decreased from its peak. He did not disclose the exact current amount but explained that while the position is large enough to check daily, it is not an absolute proportion of his total net worth to change his actions.

“I’m not going to sell. It could go to zero. I could lose millions of dollars again,” he said. Portnoy admitted that he has always been on the wrong side of Bitcoin but showed a stance of not closing his position this time due to losses.

Portnoy also revealed that he dabbled in memecoins in the last cycle. He randomly picked SafeMoon on air and, despite saying the coin might be a scam, was named in a lawsuit along with other influencers for undisclosed promotion. He later lost money, hired a lawyer, and was excluded from the case. He stated that he currently manages a conservative stock portfolio through a broker, without any speculative assets other than Bitcoin.

*Related Article: Dave Portnoy "Bitcoin (BTC) seems to be going to 'zero'"

[Article Summary]

-Dave Portnoy suffered millions of dollars in losses from his Bitcoin holdings, which once grew to $15 million.

-He stated that he would not sell Bitcoin, even though it could go to zero.

-Portnoy said he currently manages a conservative stock portfolio without speculative assets other than Bitcoin.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*