Mark Cuban said he sold most of his Bitcoin after it failed to behave as the macro hedge he expected.
Bitcoin News
Billionaire investor Mark Cuban has sold most of his Bitcoin (BTC) holdings, he announced during an appearance on the Front Office Sports podcast "Portfolio Players" on May 21.
Cuban said the asset did not perform as he expected during a period of dollar weakness and geopolitical conflict.
For years, Cuban had publicly described BTC as a superior version of gold. He pointed to its fixed supply and decentralized structure as reasons to hold it. His May 21 comments represent a clear break from that position.
Gold climbed sharply during the same period that BTC declined. Cuban said that divergence undermined the core reason he had held the asset. "Gold just blew up and went to $5,000, and Bitcoin dropped," he told Front Office Sports Editor-in-Chief Dan Roberts.
"Every time the dollar dropped, Bitcoin should've gone up," Cuban added. "It's not the hedge I expected it to be." BTC was trading around $77,672 on May 21. The asset is down roughly 29% over the past year and 38.4% below its October all-time high of $126,080. Gold, by contrast, has risen more than 37% over the same period, recently trading near $4,548 per ounce.
Cuban's Crypto Portfolio Shifts
In a 2021 interview with The Delphi Podcast, Cuban said his crypto portfolio was split roughly 60% BTC, 30% Ethereum (ETH), and 10% other assets. He said at the time that he had never sold his Bitcoin. His net worth is approximately $10 billion.
Cuban said he remains less disappointed in ETH than in BTC. He still sees value in blockchain networks that support financial applications and payments. He called "meme coins" and "token stuff" "garbage." Last year, he had considered launching his own meme token but ultimately decided against it, citing fairness and transparency concerns.
He also described NFTs as "disappointing." He said the broader crypto industry has not produced practical applications for mainstream users. During his ownership of the Dallas Mavericks, the team began accepting Dogecoin as payment for merchandise in 2021. He had previously been a vocal NFT supporter and regularly displayed his digital wallet holdings.
Gold currently holds the largest market cap of any asset globally at more than $31 trillion. The metal has also pulled back more than 17% from its own record above $5,500 per ounce earlier this year. Investors continue to debate whether BTC functions as a macro hedge or trades more like a high-risk technology asset.
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