Mark Cuban, the billionaire investor and former Dallas Mavericks owner, revealed he has sold approximately 80% of his Bitcoin holdings. His reasoning: Bitcoin failed to do the one thing its loudest advocates promised it would do.
Cuban made the comments during an appearance on Front Office Sports’ “Portfolio Players” podcast on May 21. The catalyst, he explained, was Bitcoin’s performance during the US-Iran conflict, where the asset’s price dipped while gold surged past $5,000 per ounce. For someone who once called Bitcoin a superior alternative to gold for protecting wealth against currency devaluation, that’s not a minor pivot.
The gold vs. Bitcoin argument just got a lot louder
During the US-Iran conflict, gold did exactly what gold has done for thousands of years: it went up when people got scared. Bitcoin, trading between $77,500 and $77,576 at the time of Cuban’s comments, did not.
Gold breaking above $5,000 per ounce represents a record level for the commodity, and it did so precisely when geopolitical risk was at its peak. For Cuban, whose net worth sits at an estimated $10 billion, the math apparently stopped making sense.
