Billionaire investor Mark Cuban has parted ways with most of his Bitcoin holdings, saying the asset has failed to fulfill its basic promise as a hedge against weakness in the fiat currency and geopolitical turmoil.
Cuban made these statements during interview With Front Office Sports, where he said Bitcoin has “missed the plot.” The Shark Tank personality and former owner of the Dallas Mavericks has long positioned Bitcoin as a better alternative to gold, citing its steady supply and decentralized structure. This conviction has been eroded.
“I always thought it was a better version of gold than gold,” Cuban said. “But gold just went up and hit $5,000. Bitcoin went down.”
The billionaire pointed to the behavior of prices during the United States and Iran conflict The moment his trust was broken. Gold rose during the period of heightened tensions, hitting a record high above $5,500 an ounce previously this year.
Meanwhile, Bitcoin struggled to maintain momentum. Cuban said he expects Bitcoin to rise every time the dollar falls. It didn’t happen.
“Every time the dollar went down, Bitcoin was supposed to go up,” he said. “It’s not the hedge I expected.”
Bitcoin Trade close $77,500 on Thursday, down nearly 30% over the past year and 38% below its all-time high of $126,080. hiring In October. Gold, despite retreating from recent peaks, is still up more than 37% over the same 12-month period and commands a market capitalization of more than $31 trillion – the largest of any asset in the world.
Bitcoin has outperformed gold since the Iranian conflict
The data offers a counterpoint to Cuban criticism. Since the first signs of the US-Iran conflict appeared in late February, Bitcoin has risen more than 16% while gold has fallen more than 15%. Bitcoin advocates argue that framing is important – the performance of the asset depends on the chosen analysis window.
Cuban acknowledged that there is a difference in the cryptocurrency space. He expressed less disappointment in Ethereum, which he sees as being backed by real utility through decentralized finance and blockchain applications. He has been categorical about meme coins and speculative tokens, calling them “garbage.”
His previous profile in the cryptocurrency space was broader. In 2021, fill the bag Divides Nearly 60% is Bitcoin, 30% is Ethereum, and 10% is other assets. He has been an avid NFT enthusiast, publicly displaying his wallets, and even accepting Dogecoin as a means of payment for Mavericks merchandise. He once predicted that Dogecoin would reach $1 and function as a stablecoin.
Cuban said that the cryptocurrency sector as a whole has been disappointed by its failure to find mainstream interest. “No request found for grandmother,” he said.
