Mark Cuban Sells Most of His Bitcoin Holdings

Billionaire investor Mark Cuban said he sold most of his bitcoin holdings after concluding the cryptocurrency did not perform as a hedge against a weakening dollar or geopolitical instability. " He said bitcoin's price behavior during the recent Iran conflict contradicted his earlier expectations.

Cuban had previously described bitcoin as a superior version of gold because of its fixed supply. In a 2021 interview he said his crypto portfolio was roughly 60 percent bitcoin, 30 percent Ethereum and 10 percent other assets. He now says gold prices rose while bitcoin declined, undermining the hedge thesis he had held for years.

Cuban expressed greater disappointment in bitcoin than in Ethereum. He described most other cryptocurrencies as "garbage" and said he remains more positive on Ethereum. The remarks come as investors continue to debate bitcoin's role as a macro hedge versus a high-risk technology asset.

“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 ... ”

Gold prices have climbed amid heightened geopolitical tensions while bitcoin has traded more in line with broader risk appetite.