Dave Portnoy: I'm really angry at myself for selling Bitcoins

Dave Portnoy Regrets Selling Bitcoins Amidst Market Surge

Dave Portnoy, the founder of Barstool Sports and owner of Davey Day Trader Global (DDTG), has publicly expressed regret over his decision to sell Bitcoin, lamenting the significant profit loss he incurred as a result. Watching Bitcoin's valuation climb beyond $52,000, Portnoy calculated a missed opportunity for a 75% investment growth, equating to a staggering $750,000 in potential earnings.

Portnoy's reflection on his Bitcoin journey reveals a mixture of frustration and hindsight wisdom. "Barstool should have owned Bitcoin. The moment I took the company back, I needed to buy $10 million worth of Bitcoin. I'm so angry at myself. I will never be able to get over what I did with bitcoins, it's a complete fiasco," he shared, reflecting on the strategic missteps following Barstool Sports' brief acquisition by Penn Entertainment and its subsequent return to his ownership.

Portnoy's engagement with the cryptocurrency community, including a notable meeting with the Winklevoss twins, founders of the Gemini crypto exchange, in August 2020, marked his initial foray into Bitcoin investment. Despite selling his bitcoins prematurely and briefly stepping away from the market, he re-entered in February 2022, purchasing 29 BTC for around $1 million. This decision underscored a significant shift in his stance on Bitcoin, transitioning from initial skepticism to a firm belief in the cryptocurrency's value.

The sale of his Bitcoin holdings, according to Portnoy, was not a deliberate exit from the cryptocurrency but a cautious response to the FTX exchange collapse. He clarified that his actions were meant to assess the liquidity of the exchange he was using, inadvertently resulting in the sale of his Bitcoin assets.

Dave Portnoy's candid admission of regret serves as a poignant reminder of the volatile and unpredictable nature of the cryptocurrency market. His journey from skepticism to advocacy for Bitcoin, punctuated by a costly mistake, highlights the challenges and learning opportunities presented by digital asset investment. As Portnoy looks to the future, his experience underscores the enduring advice offered by crypto enthusiasts: the value of holding onto Bitcoin through the market's ups and downs.