Mark Cuban says he sold most of his Bitcoin after failed hedge narrative ‘disappointed’ the billionaire
The billionaire investor said he sold most of his bitcoin after concluding the cryptocurrency failed to act as a hedge during recent geopolitical turmoil and dollar weakness.
What to know:
- Mark Cuban said he has sold most of his bitcoin holdings after concluding it failed to act as a hedge against a weakening dollar and geopolitical turmoil, particularly during the recent Iran conflict.
- The billionaire investor, who once described bitcoin as a superior version of gold and held a crypto portfolio heavily weighted toward it, said gold has recently surged while bitcoin fell, undermining his thesis.
- Cuban now describes bitcoin as a disappointment compared with Ethereum, which he still views more favorably, and he dismissed most other cryptocurrencies as “garbage,” underscoring a broader debate over bitcoin’s role as “digital gold.”
“When all this shit hit the fan with the Iran war, bitcoin was always the best alternative to fiat currency losing its value and I always thought it was a better version of gold than gold. Well, gold just blew up… bitcoin dropped. And every time the dollar dropped, bitcoin should’ve gone up … and it just didn’t do that,” Cuban said.
The comments mark a notable shift for Cuban, who for years had publicly defended bitcoin as a superior version of gold because of its fixed supply and decentralized structure.
In a 2021 interview with “The Delphi Podcast,” Cuban said his crypto portfolio consisted of roughly “60% bitcoin, 30% Ethereum and 10% the rest.” At the time, he argued bitcoin’s scarcity made it a stronger store of value than gold and said he had “never sold it.”
