Whale evangelists lose faith in Bitcoin and exit the market, does this mean the bottom has been reached?

Billionaire Mark Cuban sells off most of his Bitcoin: Why does cryptocurrency disappoint him?

Mark Cuban attended a conference held in Austin. Image source: Nicola Gell—Getty Images

For years, Mark Cuban has been one of the most influential evangelists in the cryptocurrency space. After dispelling initial doubts, this billionaire entrepreneur and "Shark Tank" investor once became a fervent supporter of cryptocurrencies. He once stated in 2021 that he spends 3 to 4 hours daily reading industry news and facilitated collaborations between several crypto companies and his Dallas Mavericks team. But now, Cuban’s illusions are completely shattered. In a recent interview, he called cryptocurrencies “disappointing” and complained that Bitcoin has “gone off the rails.”

In a video posted by Daniel Roberts, editor-in-chief of Front Office Sports, Cuban said he has sold “most” of his Bitcoin. He previously revealed that 60% of his investment portfolio was Bitcoin, 30% Ethereum, and the remaining 10% various niche tokens.

“When the Iran war triggered a market-wide turmoil, Bitcoin should have been the best alternative during fiat devaluation. I always thought it was better than gold,” Cuban said in the video, “Gold prices soared to $5,000, but Bitcoin fell… It didn’t become the hedge I expected.”

Shortly before Cuban’s interest in cryptocurrencies waned, another billionaire supporter of Bitcoin also seemed to turn cold on the crypto industry. Elon Musk recently stated during a jury trial against OpenAI that some cryptocurrencies have value, but the vast majority are scams.

Bitcoin is currently the most valuable cryptocurrency by market cap, and its supporters often tout it as “digital gold,” a tool to hedge against fiat inflation. But as Cuban pointed out, the past year has seen gold’s investment returns vastly outperform Bitcoin, despite Bitcoin narrowing the gap with gold in the last three months. After progress was made on the important crypto regulation bill, the Digital Asset Market Clarity Act, Bitcoin briefly broke the $80,000 mark and is now fluctuating around $75,000.

Although Cuban feels “disappointed” with Bitcoin, he is “less disappointed” with Ethereum. Ethereum is the second-largest cryptocurrency by market cap and can be used to build various financial applications. Notably, over the past five years, Bitcoin’s performance has far outpaced Ethereum.

However, Cuban’s criticism of niche cryptocurrencies is the sharpest.

“Those tokens? Those meme coins?” Cuban said thoughtfully at the end of the video, “All garbage.”
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