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.”
Bitcoin, which is trading around $77,672 on Thursday, has fallen around 29% in the last year of trading and is now 38.4% off its October all-time high mark of $126,080. Meanwhile, gold is up more than 37% in the last year of trading, recently changing hands around $4,548.
While the precious metal maintains the largest market cap of any asset globally at more than $31 trillion, its price has also fallen more than 17% since making a new all-time high above $5,500 per ounce earlier this year.
Cuban, who has been active in the crypto space over the last few years, said during the interview that he’s sold “most” of his BTC, just two years after suggesting the stars may be aligning for price acceleration of the asset.
Last year, the billionaire had mulled the launch of his own meme coin, but eventually told Decrypt that he had no such plans to follow through. In his latest crypto commentary, he told Front Office Sports that “token stuff” and “meme coins” were “garbage.”
His disappointment with crypto stems from NFTs to Ethereum, though less so than his distaste with the current state of Bitcoin.
“I don’t know if it’s dead, but I’d say it’s disappointing,” he said of NFTs, adding that the crypto industry as a whole has been a letdown because it hasn’t found “an application for grandma.”
Cuban previously was an outspoken NFT bull, highlighting its advantages over physical ownership while publicly displaying his NFT wallets.
He was also a noted fan of Dogecoin, like fellow billionaire Elon Musk, saying that people were more willing to spend it on products and services rather than just hold it like Bitcoin. In 2021, Cuban even suggested Dogecoin could act like a stablecoin and hover near the $1 mark. Under his ownership in 2021, the NBA’s Mavericks began accepting DOGE as payment for merchandise.
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