Mark Cuban Says He Sold Most of His Bitcoin - Decrypt

In brief

Mark Cuban said he has sold most of his Bitcoin, and that it hasn't acted as the hedge against fiat inflation that he expected.

The billionaire said he thought BTC was "a better gold than gold," but it hasn't acted like it in his view.

Cuban previously mulled the launch of his own meme coin, but now believes they are "garbage."

Billionaire investor, entrepreneur, and former Dallas Mavericks owner Mark Cuban believes that Bitcoin “has lost the plot”—and said he’s sold most of his holdings in the asset, during an interview with Front Office Sports. Cuban previously said that Bitcoin could rival gold as a store of value in the right macroeconomic conditions, but said now that he’s disappointed in the recent performance of the top crypto asset by market cap amid macro volatility and the war in Iran.“I always thought it was a better version of gold than gold,” Cuban told Front Office Sports Editor-in-Chief Dan Roberts, formerly of Decrypt. “But gold just blew up and went to $5,000, and Bitcoin dropped.”“Every time the dollar dropped, Bitcoin should’ve gone up,” he added. “It’s not the hedge I expected it to be.”