Mark Cuban, the billionaire entrepreneur and former Shark Tank host, has sold most of his Bitcoin and declared the asset “disappointing,” saying it has failed to perform as the inflation hedge he expected.
‘Lost the plot’
In a recent interview clip shared by Front Office Sports editor-in-chief Daniel Roberts, Cuban explained his reasoning.
He said:
“I always thought it was a better version of gold than gold. Well, gold just blew up and went to $5,000; Bitcoin dropped. Every time the dollar dropped, Bitcoin should have gone up.”
Cuban had previously been one of crypto’s most vocal advocates, saying in 2021 that he spent three to four hours per day reading about the industry.
His former portfolio was reportedly 60% Bitcoin, 30% Ethereum, and 10% smaller tokens.
Back pushes back
Blockstream CEO Adam Back pushed back on Cuban’s take, posting on X:
“I don’t know what @mcuban is trying to say .. doesn’t line up with data unless he sold the bottom.”
Bitcoin has risen roughly 25% since the Iran War began in February, suggesting Cuban may have exited near a local low.
Timing the exit
Cuban did not disclose exactly when he sold, but analysts note that selling into weakness is rarely optimal.
Bitcoin has been trading around the $75,000 range, having briefly crossed $80,000 after Congress advanced the Clarity Act.
Cuban did soften his tone on Ethereum, saying:
“I’m not as disappointed in Ethereum.”
He reserved his harshest words for memecoins and smaller tokens, calling them simply: “Garbage.”
