Billionaire Mark Cuban (net worth ~$10 billion) said on the Portfolio Players podcast that he sold most of his Bitcoin holdings, disappointed with the asset as a hedge against fiat currency devaluation and geopolitical instability.
The turning point was the recent conflict with Iran: as the dollar weakened, gold rose, while Bitcoin fell. “I’ve always thought BTC was a better version of gold than gold itself. And then gold took off, while Bitcoin plummeted. Every time the dollar fell, Bitcoin should have risen—and it just didn’t happen,” Cuban said.
This marks a significant shift: previously, he had publicly defended BTC as “digital gold” due to its fixed supply and decentralization, and in 2021 he revealed that his crypto portfolio consisted of roughly 60% Bitcoin, 30% Ethereum, and 10% other assets. Now, he says he’s most disappointed with Bitcoin, treats Ethereum more favorably, and calls other altcoins “garbage.”
“I’ve always thought BTC was better than gold. And then gold took off, while BTC plummeted”