The billionaire who once championed crypto as the future of money has changed his tune
Mark Cuban is stepping back from Bitcoin. The investor and Shark Tank personality confirmed this week that he's sold most of his BTC holdings, saying the asset failed to do what he always believed it would.
What Happened
Speaking on the Portfolio Players podcast Thursday, Cuban said Bitcoin has "lost the plot." His core thesis was simple: BTC should act like a better version of gold, a reliable hedge when the dollar weakens. It didn't play out that way.
"Gold just blew up and went to $5,000, and Bitcoin dropped," Cuban said. "Every time the dollar dropped, Bitcoin should've gone up."
He also took aim at memecoins, calling them "garbage" - a notable turn for someone who was once one of Dogecoin's loudest supporters. The Dallas Mavericks, where Cuban holds a minority stake, even accepted DOGE as payment for tickets and merchandise.
The Numbers Tell a Mixed Story
Over the past year, Bitcoin is down nearly 30%, while spot gold is up over 37%. Since the Iran war began in late February, though, the picture flips: BTC has gained around 17.8%, while gold has pulled back roughly 14.3%. Current prices: Bitcoin at ~$77,608, gold at ~$4,523.
Why Traders Should Care
When high-profile macro investors publicly exit a position, sentiment follows. Cuban's shift adds to existing pressure on Bitcoin's store-of-value narrative, especially as gold continues drawing safe-haven flows.
Whether Bitcoin can reclaim its hedge credibility during the next dollar selloff will be the real test. Until then, the gold-versus-BTC debate just got a vocal new entry.
