Mark Cuban Sells Most Of His Bitcoin, Calls It Failed Hedge

Mark Cuban sold most of his Bitcoin holdings after concluding it did not deliver on its core promise as a hedge against fiat currency weakness and geopolitical turmoil. He previously viewed Bitcoin as a better version of gold due to fixed supply and decentralization, but that conviction weakened as price behavior diverged from expectations. He cited the U.S.-Iran conflict period as a turning point, noting gold surged while Bitcoin struggled to maintain momentum. He expected Bitcoin to rise when the dollar fell, but it did not. Bitcoin traded near $77,500, down about 30% over the past year, while gold remained up strongly and held a much larger market value. He also expressed less disappointment in Ethereum, which he links to real utility.

"“I always thought it was a better version of gold than gold,” Cuban said. “But gold just blew up and went to $5,000. Bitcoin dropped.” The billionaire pointed to price behavior during the U.S.-Iran conflict as the moment his confidence broke. Gold surged through the period of heightened tensions, setting a record above $5,500 per ounce earlier this year."

"“Every time the dollar dropped, Bitcoin should've gone up,” he said. “It's not the hedge I expected it to be.” Cuban said he expected Bitcoin to rise each time the dollar fell. It did not. Bitcoin traded near $77,500 on Thursday, down roughly 30% over the past year and 38% below its all-time high of $126,080 set in October."

"Cuban acknowledged a distinction within the crypto space. He expressed less disappointment in Ethereum, which he sees as underpinned by real utility. The data does offer a counterpoint to Cuban's critique. Since the first signs of U.S.-Iran conflict emerged in late February, Bitcoin has risen more than 16% while gold has fallen over 15%."

"Cuban made the remarks during an interview with Front Office Sports, where he said Bitcoin “has lost the plot.” The Shark Tank personality and former Dallas Mavericks owner had long positioned Bitcoin as a superior alternative to gold, citing its fixed supply and decentralized structure. That conviction has eroded."

Read at Bitcoin Magazine