Barstool Sports founder Dave Portnoy has gone public with a bold stance on the ongoing crypto selloff, admitting to significant losses while urging investors to treat the dip as an opportunity.
Portnoy posted a confessional video on X in which he acknowledged that, as far as crypto is concerned, nobody has ever had worse timing than him.
He described the past week as a “freaking disaster” for crypto, adding that he was “panicking like everyone else” amid the steep market decline.
Portnoy disclosed that he holds Bitcoin (BTC) and XRP, both of which were trading at roughly $63,000 and $1.17, respectively, when he recorded the video.
The sustained decline across both assets has left Portnoy down millions of dollars, a loss he addressed openly and without apparent hesitation.
He also revealed that he purchased shares of Strategy (NASDAQ: MSTR) approximately one week ago, buying in while the stock was already in the middle of a sharp downturn.
Despite the mounting losses, Portnoy invoked the well-known contrarian investing principle, arguing it is time to buy when there is “blood on the streets.”
He acknowledged that he did not have enough “free cash” on hand to act on his own advice and add further exposure to crypto assets at current levels.
For those with deeper pockets and available capital, however, Portnoy said the cryptocurrency market is simply “on sale” right now.
Bitcoin was trading at $63,893 at the time of reporting, while XRP held at $1.17, reflecting the broader pressure weighing on digital asset markets heading into the summer.
Portnoy’s willingness to broadcast his losses publicly is consistent with his reputation for unfiltered commentary on financial markets, a style that has drawn both criticism and a loyal following across social media platforms.
Whether the current levels represent a genuine floor for Bitcoin and XRP remains an open question, but Portnoy’s public call has added fresh attention to the debate around crypto’s near-term direction.
