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Billionaire investor Mark Cuban sells most of his Bitcoin holdings, stating it failed to serve as a hedge tool
Deep Tide TechFlow News, May 22 — According to CoinDesk, billionaire investor Mark Cuban recently stated that he has sold most of his Bitcoin holdings.
Cuban said in an interview with the Front Office Sports podcast "Portfolio Players" that during the recent Iran conflict, Bitcoin failed to perform as expected in countering dollar depreciation and geopolitical turmoil, with gold prices soaring while Bitcoin declined, causing him to question the core argument of Bitcoin as "digital gold."
Cuban stated: "Every time the dollar falls, Bitcoin should rise... but it just didn't."
He openly expressed disappointment with Bitcoin but remains relatively positive about Ethereum, calling most other cryptocurrencies "trash."
Previously, Cuban publicly stated that about 60% of his crypto portfolio was Bitcoin, which he has held long-term without selling.