Billionaire entrepreneur Mark Cuban has revealed he sold majority of his Bitcoin holdings, citing the cryptocurrency’s failure to live up to its promise as a hedge against fiat weakness and geopolitical risks.
In a recent podcast, Cuban stated that Bitcoin “has lost the plot.” He explained his long-held belief that Bitcoin would outperform gold as a superior store of value due to its fixed supply and decentralized nature.
In his words,
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“I always thought it was a better version of gold than gold. But gold just blew up and went to $5,000, and Bitcoin dropped. Every time the dollar dropped, Bitcoin should’ve gone up. Not the hedge I expected it to be.”
The turning point for Cuban came during recent U.S.-Iran tensions and periods of dollar weakness. While gold surged to record highs above $5,500 per ounce earlier this year, Bitcoin failed to rally and instead declined, disappointing the longtime crypto supporter.
Cuban comment sparked reactions as some users on X, mocked his move, calling it a sign that he had “lost the plot,” while others suggested billionaires like him often sell publicly before quietly accumulating again.
He previously accepted Bitcoin and Dogecoin for Dallas Mavericks tickets and merchandise, and in 2021 described his portfolio as roughly 60% Bitcoin, 30% Ethereum, and 10% other assets. He has often championed Bitcoin’s potential while maintaining a strong position in Ethereum for its utility.
This latest move marks a significant shift. Cuban still holds Ethereum but has largely exited Bitcoin, signaling eroded confidence in its “digital gold” narrative.
Recall that earlier this year, Bitcoin surged to a historic high of $126,000, marking one of the most significant milestones in the digital asset’s history and reinforcing its position as the world’s leading cryptocurrency.
The rally reflected growing institutional confidence, increased global adoption, and renewed investor appetite for digital assets amid shifting economic conditions.
The cryptocurrency’s climb to $126,000 generated renewed excitement across the global financial market. Crypto-related companies, blockchain startups, and digital asset exchanges experienced heightened activity as retail participation also increased.
After reaching its historic peak of around $126,000 in October 2025, Bitcoin experienced a sharp decline that reminded investors of the cryptocurrency market’s extreme volatility. The correction wiped tens of thousands of dollars off Bitcoin’s value within weeks and triggered widespread concern across the digital asset industry.
Macroeconomic concerns also contributed to the downturn. Rising global trade tensions, uncertainty around interest rate policies, and fears surrounding the broader economy pushed investors away from risky assets, including cryptocurrencies. As investor sentiment weakened, Bitcoin’s decline deepened alongside broader weakness in financial markets.
Currently, Bitcoin is trading within the $78,000 to $77,000 zone, as the crypto asset continues to show resilience despite mounting bearish pressure. The broader market structure still indicates an active uptrend, as buyers continue to defend key support levels and position for another potential rebound.
Outlook
Cuban’s comments highlight an ongoing debate in finance. Is Bitcoin truly a reliable hedge in times of crisis, or does it behave more like a high-beta tech asset?
His pivot away from BTC underscores gold’s enduring appeal during macro uncertainty, even as many institutional investors continue to embrace Bitcoin for its long-term scarcity and adoption potential.
Whether this proves to be a savvy exit or a missed opportunity remains to be seen. Markets are unpredictable, and Cuban himself has a track record of bold, sometimes controversial calls across business and sports.