Billionaire investor Mark Cuban revealed on Thursday that he's sold most of his Bitcoin (CRYPTO: BTC) as it didn't turn out to be the "hedge" he expected it to be.
How Bitcoin Disappointed Cuban Appearing on the Portfolio Players podcast, Cuban said that Bitcoin has "lost the plot" and been "disappointing." The "Shark Tank" celebrity said he always thought of Bitcoin as a "better version" of gold and the "best alternative" to fiat currency losing its value.
"Well, gold just blew up and went to $5,000, and Bitcoin dropped.
Every time the dollar dropped, Bitcoin should've gone up," Cuban said.
He said Bitcoin didn't perform as the hedge he had expected, and that he's sold off "most" of his holdings.
