Mark Cuban has offloaded most of his Bitcoin, declaring that the famous cryptocurrency has “lost its way and his patience.” The move came as a shocker as it was Cuban who once called Bitcoin “better than gold.”
The billionaire entrepreneur and former Shark Tank host made the admission in a recent interview with Front Office Sports, saying he finds crypto broadly “disappointing” and that Bitcoin in particular has “lost the plot.”
His core grievance is simple. Cuban had long believed Bitcoin was a superior store of value, a digital alternative to gold that would hold or grow in value as the dollar weakened. That theory, he said, has not played out.
“I always thought it was a better version of gold than gold,” Cuban said. “Well, gold just blew up and went to $5,000. Bitcoin dropped.”
He argued that every time the dollar fell, Bitcoin should have risen, but it didn’t. He pointed specifically to inflation triggered by the Iran War as the moment Bitcoin should have proven its worth. Instead, it moved in the wrong direction.
Critics Push Back
The crypto community was quick to respond.
Adam Back, CEO of blockchain firm Blockstream, challenged Cuban’s assessment on X, saying the billionaire’s claims don’t line up with the data and hinting he may have sold right at the bottom of the market.
The timing of Cuban’s exit appears to have been poorly judged.
Bitcoin has climbed 25% since the Iran War began in February. Had Cuban held his position, he would have seen a meaningful return on his investment rather than locking in his losses.
Research does suggest Bitcoin’s reliability as an inflation hedge is inconsistent and has been weakening since the COVID-19 pandemic, so Cuban’s doubts are not baseless. But acting on them when he did is another matter entirely.
Experts warn that panic-selling during a dip rarely pays off, and that those focused on long-term wealth are usually better served by steadier, more diversified investments than volatile crypto bets.
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