Barstool Sports founder Dave Portnoy (데이브 포트노이) has disclosed he is sitting on multi-million-dollar paper losses from investing in bitcoin. He cited past experience of missing a rebound after selling too quickly and said he will hold on this time even if the price falls further.

On July 3, local time, blockchain outlet Decrypt reported that Portnoy said in a recent Fox Business interview he bought bitcoin at $100,000 but is now posting big losses. Asked by host Stuart Varney whether he has regrets about the bitcoin investment, Portnoy said, "Yes," adding, "I bought at $100,000 and I don't know what's happening now."

Bitcoin has fallen to around $62,000 recently from an all-time high of $126,080 set in October last year. Portnoy acknowledged he has incurred paper losses worth several million dollars in the process.

He also offered a self-deprecating assessment of his investment performance. Portnoy said, "There was no asset where I was as wrong as bitcoin," adding, "It surges every time I sell and crashes every time I buy." He meant he has repeatedly mistimed the market.

He stressed he will make a different choice this time. Portnoy drew attention in 2021 as an example of so-called "Paper Hands" after he sold during a sharp bitcoin drop because he could not bear the losses, only for prices to rise again. His experience of missing the rebound after a hasty sale appears to have influenced his decision this time.

He said, "This time I'll just hold," adding, "I might hold it until it goes to $0." He added, "I know if I sell now, the price will go up again," and said, "This time I'll choose to go down with the ship."

Portnoy has also drawn attention for investments in various cryptocurrencies beyond bitcoin. In the past, he publicly backed SafeMoon and has said he is part of the investor community in Chainlink's native token, LINK.

Last year, he also actively took part in trading Solana-based memecoins. He was criticised after disclosing his wallet address and being accused of directly promoting and selling memecoins, and later continued to draw attention by embracing a memecoin called "JAILSTOOL" that used his face.

At the time, JAILSTOOL's market capitalisation briefly exceeded $210 million and it was listed on cryptocurrency exchange Kraken. But it has now fallen more than 99.5 percent from its peak, with its market capitalisation also shrinking to around $1 million.

Portnoy's remarks come as bitcoin and other major cryptocurrencies have remained weak in recent months. The episode is seen as again showing that even well-known investors find it difficult to time the market and can suffer heavy losses in short-term trading and investments in speculative assets.

Bitcoin and crypto are making me sad.