Barstool Sports activities founder Dave Portnoy, recognized for his eccentric takes on the crypto market, has as soon as once more confirmed his unofficial standing because the particular person with the worst timing within the business after admitting to multimillion-dollar losses on his key positions.
In a current social media handle, Portnoy publicly confirmed that he owns a ton of Bitcoin and a considerable quantity of $XRP, stressing that amid the present extended nosedive, his internet losses are already measured in tens of millions of {dollars}.
Bitcoin and crypto are making me unhappy.
— Dave Portnoy (@stoolpresidente) June 4, 2026
Furthermore, in line with the businessman, he has fully exhausted his free money throughout the intermediate levels of the decline, successfully shedding the flexibility to defend his portfolio.
‘Me and crypto are oil and water’: Inside Dave Portnoy’s crypto techniques
Essentially the most painful hit apparently got here from his $XRP place, which Portnoy entered close to a neighborhood peak in late January 2026 at round $1.70, in line with accessible information, whereas on the time of his assertion the trade worth had already fallen to $1.17.
On the identical time, his large Bitcoin place can also be beneath extreme promoting stress, with the asset holding close to the psychological stage of $63,000. His try to purchase the native backside has changed into a chronic confrontation with the pattern, because the charts saved falling quicker than new funds may seem.
In his assertion, the investor immediately complained concerning the pointlessness of such a method, when an individual continues spending cash on a falling asset whereas free money merely runs out, including that his relationship with cryptocurrency nonetheless resembles an try to combine water with oil.
$1 million Bitcoin prophecy from Jack Dorsey
The ultimate blow on this chain of failures was his guess on shares of the biggest Bitcoin treasury agency, Technique (MSTR), which changed into an ideal storm for the investor. If Portnoy did certainly enter Technique shares a few week in the past, then in that quick interval their worth managed to fall by one other 20%.
The decline was worsened by a historic precedent, as simply days in the past Michael Saylor’s firm broke its long-standing “by no means promote” doctrine and bought 32 BTC from its reserve for the primary time within the final three years to pay dividends.
Regardless of brazenly panicked sentiment and polarized opinions throughout social media, Portnoy introduced that he intends to point out nerves of metal and maintain his positions with out locking within the loss. His important psychological anchor stays an outdated dialog with former Twitter CEO Jack Dorsey, who as soon as personally satisfied Dave that Bitcoin would inevitably rise to $1 million.
Drawing parallels between the present chaos on exchanges and his bets on the Saratoga racetrack, Portnoy summed up that the present crash is a wonderful sale, however solely these gamers who, in contrast to him, nonetheless have dry powder left will be capable to make the most of it.
