Overview
- Portnoy told Fox Business that he bought Bitcoin near $100,000 and is now down millions, a disclosure first reported on Friday.
- He said he will hold the position even if the price falls to zero, arguing past sales cost him big gains when Bitcoin later rallied.
- The losses come as Bitcoin has dropped more than 50% from an October peak of about $126,080 to roughly $62,162, leaving late buyers deeply underwater.
- Portnoy’s crypto record includes an early $2 million buy at about $11,000 that he sold quickly and later promotion of meme tokens such as JAILSTOOL, which soared above $210 million market cap and then fell to about $1 million.
- Commentary about what comes next is split: some retail voices offer extreme upside scenarios while industry investors like Bitwise expect the correction to finish and for institutional flows to drive a fall rally, a divide that matters for market timing and reputations.