- Billionaire Mark Cuban says he has sold most of his Bitcoin holdings, criticizing it for failing to act as a hedge during the U.S.-Iran conflict.
- Cuban stated he originally viewed Bitcoin as a superior version of Gold but was disappointed by its price action during market stress.
- Data contradicts this narrative, showing Bitcoin has gained over 16% since the conflict began, while gold prices have declined more than 15%.
Billionaire investor Mark Cuban revealed in a recent interview with Front Office Sports that he has sold most of his Bitcoin holdings. He called the cryptocurrency a failed hedge, stating, “I think Bitcoin has lost the plot” after its price dropped during the U.S.-Iran war while gold surged.
Cuban explained he bought Bitcoin believing it was the best alternative to a weakening fiat currency. He said, “I always thought it was a better version of gold than gold. Well, gold just blew up and went to $5,000 [during the war]. Bitcoin dropped.” Consequently, he expressed disappointment in BTC but remains less so in Ethereum, dismissing memecoins as garbage.
However, market performance data since the conflict began tells a different story. Bitcoin‘s price has risen by over 16%, trading between $67,000 and near $77,000 since late February. Meanwhile, gold’s price has fallen by more than 15% during that same period.
The U.S. dollar moved 1.3% higher, and Ethereum gained nearly 9%. Despite this outperformance, Bitcoin remains nearly 40% below its October record high of over $126,000. Gold’s price has fallen just 16% from its all-time high of over $5,600 per ounce seen in February.
On Thursday, Bitcoin‘s price traded around $77,700, edging 0.3% higher. The SPDR Gold Shares ETF (GLD) traded flat with gold’s price slightly above $4,500. Retail sentiment for the gold fund trended bullish, while chatter around Bitcoin on Stocktwits was bearish.
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