Billionaire Mark Cuban Dumps Most of His Bitcoin: Why Cryptocurrency Disappointed Him

Mark Cuban attends a conference held in Austin. Photo credit: Nicola Gell—Getty Images
For years, Mark Cuban has been one of the most influential advocates in the cryptocurrency space. After dispelling his initial doubts, the billionaire entrepreneur and Shark Tank investor once became an avid supporter of cryptocurrencies. In 2021, he said he spends 3 to 4 hours every day reading industry news, and he helped broker partnerships between several crypto companies and his Dallas Mavericks team. But now, Cuban’s fantasies have been completely shattered. In a recent interview, he called cryptocurrency “disappointing” and complained that Bitcoin has “gone off the rails.”
In a video released by Daniel Roberts, editor-in-chief of Front Office Sports, Cuban said he has already sold “most” of his Bitcoin. He had previously disclosed that 60% of his investment portfolio is Bitcoin, 30% is Ethereum, and the remaining 10% consists of various niche tokens.
“When the Iran war sparked a market-wide upheaval, Bitcoin should have been the best alternative during fiat devaluation. I’ve always believed it was better than gold,” Cuban said in the video. “Gold prices kept soaring to $5,000, but Bitcoin fell... It didn’t become the hedge tool I expected.”
In Cuban’s view of cryptocurrencies