Billionaire investor and entrepreneur Mark Cuban has revealed that he sold the majority of his Bitcoin holdings, citing the cryptocurrency’s failure to act as an effective store of value during periods of economic and geopolitical turmoil. In an interview with Front Office Sports, Cuban said Bitcoin “has lost the plot,” pointing to its disappointing performance as a hedge against fiat currency devaluation and global instability.
Cuban, who previously described Bitcoin as “a better version of gold than gold,” noted that the asset’s behavior during the Iran war tensions was a turning point. “Gold just blew up and went to $5,000, and Bitcoin dropped,” he said. “Every time the dollar dropped, Bitcoin should’ve gone up. It’s not the hedge I expected it to be.” The remarks underscore his frustration with Bitcoin’s inability to mirror gold’s traditional safe-haven rallies.
The context supports his criticism: Bitcoin is trading around $77,672, down roughly 29% over the past year and 38.4% below its October all-time high of $126,080. Meanwhile, gold has risen more than 37% in the same period, recently changing hands near $4,548, although the precious metal has also pulled back more than 17% from its own peak above $5,500 earlier this year.
Beyond Bitcoin, Cuban dismissed most altcoins as “junk” and called meme coins “garbage,” though he expressed relatively less disappointment with Ethereum (ETH). He also labeled NFTs as a letdown, adding that the broader crypto industry has yet to find “an application for grandma.” Cuban had previously mulled launching his own meme coin but ultimately decided against it. His earlier enthusiasm for Dogecoin, which even led the NBA’s Dallas Mavericks to accept DOGE for merchandise under his ownership, now seems distant.
Given Cuban’s stature as a former Shark Tank personality and vocal crypto advocate, his divestment and sharp critique could influence sentiment among other wealthy investors, reigniting the debate over Bitcoin’s role as digital gold and its place in diversified portfolios.
