Mark Cuban has sold most of his Bitcoin holdings, the billionaire investor told Front Office Sports this week. The reason: Bitcoin didn't do what he expected. 'I always thought it was a better version of gold than gold. But gold just blew up and went to $5,000. Bitcoin dropped,' Cuban said. He added that the cryptocurrency 'has lost the plot.'
Why Cuban lost faith
Cuban's confidence broke during the U.S.-Iran conflict earlier this year, when gold surged and Bitcoin slid. He had expected Bitcoin to rise whenever the dollar weakened—a classic hedge narrative. Instead, gold hit a record above $5,500 per ounce. Bitcoin, meanwhile, traded near $77,500 on Thursday, down roughly 30% over the past year and 38% below its all-time high of $126,080 set last October. Gold is up more than 37% over the same 12-month stretch and has a market cap above $31 trillion.
Since the U.S.-Iran conflict emerged in late February, Bitcoin has actually risen more than 16% while gold has fallen over 15%. But that rally hasn't been enough to win Cuban back.
Ethereum gets a pass
Cuban expressed far less disappointment in Ethereum. He sees it as underpinned by real utility through decentralized finance and blockchain applications. In 2021, his crypto portfolio was roughly 60% Bitcoin, 30% Ethereum, and 10% in other assets. He didn't disclose exactly what he holds now, but the implication is clear: Ethereum stays.
Meme coins and 'grandma' disappointment
The billionaire was once a vocal NFT enthusiast, publicly displayed his wallets, and accepted Dogecoin for Mavericks merchandise. He even predicted Dogecoin would hit $1 and function as a stablecoin. Now he calls meme coins and speculative tokens 'garbage.'
Cuban's broader frustration is with the entire crypto sector. 'It hasn't found an application for grandma,' he said—meaning mainstream utility remains elusive. That's a blunt assessment from one of the industry's most prominent former boosters.
Cuban's sell-off doesn't signal a market collapse—he's one investor. But his public pivot from Bitcoin believer to skeptic is the kind of signal the space doesn't need right now.
