Key keywords: Dave Portnoy, XRP, Bitcoin, multi-million crypto loss, crypto holding strategy, Barstool Sports founder, crypto market volatility, long-term crypto investment, SEC XRP ruling, cryptocurrency regulation Dave Portnoy, the controversial founder of digital media company Barstool Sports, has sent shockwaves through the global cryptocurrency community after publicly confirming he will hold onto his substantial XRP and Bitcoin holdings, even as his unrealized losses on the two assets have exceeded $12 million, according to his own disclosure. Portnoy shared the update during a live stream on X (formerly Twitter) this week, responding to weeks of speculation from his 10 million+ followers that he would cut his losses amid the extended 2024 crypto market downturn. Portnoy first revealed he had purchased large positions in Bitcoin and XRP in late 2023, shortly after the U.S. Securities and Exchange Commission won a partial court ruling that confirmed XRP sales to retail investors did not qualify as unregistered security offerings. He purchased the majority of his Bitcoin stack when the asset traded near its all-time high of $73,000 in March 2024, and bought XRP when it hit $0.72 in the same month. As of his announcement, Bitcoin has dropped 34% from that peak, while XRP has fallen 42%, leading to the massive eight-figure loss he disclosed. “I’ve got a lot of people in my comments yelling at me to sell, to take the L and walk away, but that’s not going to happen,” Portnoy said during the stream. “I didn’t buy these assets for a 3-month flip. I bought them because I believe crypto is the future of finance, full stop. For XRP, the SEC ruling cleared the biggest regulatory overhang it had, and institutional adoption is already starting to pick up. Bitcoin is digital gold, and every single market cycle has proven that it bounces back higher after every dip. I’m not stupid enough to sell at the bottom just because the market is being irrational right now.” Portnoy, who has previously drawn criticism for promoting high-risk meme coins and short-term speculative trades, emphasized that his Bitcoin and XRP positions are part of a long-term investment portfolio separate from his higher-risk trading activity. He also denied claims that he was promoting the assets to inflate their value for his own gain, noting he has no paid partnerships with Ripple, Bitcoin advocacy groups, or any crypto trading platforms. The announcement led to a 210% spike in social media mentions of XRP and a 140% spike in mentions of Bitcoin in the 24 hours after the stream, according to crypto social analytics firm LunarCrush.