Billionaire investor Mark Cuban said he has sold most of his Bitcoin holdings after losing confidence in the cryptocurrency’s ability to act as a hedge during periods of geopolitical stress and weakness in fiat currencies.
Speaking during an interview with Front Office Sports on Tuesday, Cuban said Bitcoin did not perform the way he expected during the recent U.S.-Iran conflict, despite years of arguments from supporters that the asset functions as “digital gold.” “I think Bitcoin has lost the plot,” Cuban said. He added that he originally bought Bitcoin because he believed it would outperform traditional safe-haven assets during periods of instability.
Cuban says gold surged while Bitcoin fell
According to Cuban, the divergence between gold and Bitcoin during the conflict changed his view of the asset’s role in financial markets.
“When all the shit hit the fan with the Iran war, Bitcoin was always the best alternative to fiat currency losing its value,” he said. “I always thought it was a better version of gold than gold. Well, gold just blew up… Bitcoin dropped.”
Cuban also pointed to the weakening U.S. dollar during the period, arguing that Bitcoin should theoretically have benefited from those conditions. “Every time the dollar dropped, Bitcoin should’ve gone up,” he said. “And it just didn’t do that.”
The comments reflect growing debate around whether Bitcoin behaves more like a macro hedge or a high-risk speculative asset tied to broader investor sentiment.
Shift from earlier Bitcoin support
Cuban has long been one of the more prominent business figures publicly supportive of crypto assets. In previous interviews, he described Bitcoin as superior to gold because of its fixed supply and decentralized structure. In 2021, he said his crypto portfolio was heavily weighted toward Bitcoin and Ethereum, adding at the time that he had no plans to sell his BTC holdings.
His latest remarks suggest that the position has changed significantly. “I’ve sold most of it,” Cuban said, referring to Bitcoin holdings accumulated over previous years.
While critical of Bitcoin’s recent market behavior, Cuban said he remains less disappointed with Ethereum, which he continues to view more favorably because of its broader utility in decentralized applications and financial infrastructure.
Cuban dismisses speculative tokens
Cuban also criticized the speculative side of the crypto market. “I’m more disappointed in Bitcoin, not as disappointed in Ethereum,” he said. “Ethereum and the rest — the token stuff, the meme coins — garbage.”
The remarks come as crypto markets continue to split between investors focused on Bitcoin as a reserve-style asset and those emphasizing blockchain networks built around payments, tokenization, and decentralized finance applications.
Bitcoin’s hedge narrative remains under scrutiny
Bitcoin supporters have frequently promoted the asset as protection against inflation, currency debasement, and geopolitical uncertainty. However, market performance during several recent crises has produced mixed results.
Gold prices climbed sharply amid heightened tensions surrounding the Iran conflict, while Bitcoin struggled to maintain momentum despite broader concerns around the dollar and global markets.
This divergence has intensified questions over whether Bitcoin behaves more like a safe-haven asset or a volatile technology-linked investment.
Cuban’s comments add to that debate at a time when institutional participation in crypto markets continues to expand, even as investors remain divided on Bitcoin’s long-term role in global finance.
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