Portnoy Predicts Bitcoin's Collapse: 'Going to Converge to Zero Soon'

Bitcoin's price briefly dipped below $60,000 overnight, prompting Barstool Sports founder Dave Portnoy to share his bearish views on the cryptocurrency. According to U.Today, Portnoy tweeted that 'bitcoin looks like it is going to converge to zero soon' and publicly questioned investors who claim it will reach $1 million.

Portnoy demanded an explanation from these investors, asking them to tell him why their argument was wrong. The market's reaction to the price drop was swift, with Bitcoin falling 4.2% intraday to its lowest level since October 2024. Other assets, such as Strategy (MSTR) shares and STRC preferred shares, also suffered losses.

The derivatives market saw significant liquidations, with 169,531 traders being liquidated and total liquidations amounting to $869.39 million. Of this, long-position losses accounted for most of it at $785.31 million.

Economist Henrik Zeberg pointed out that Bitcoin's price drop occurred even as the U.S. dollar index (DXY) remained relatively low around 101. He warned that market pressure could intensify further if the dollar strengthens more, and predicted a deflationary recession phase in late 2026 and early 2027.