Mark Cuban Sells 80% of Bitcoin, Citing Hedge Weakness

Billionaire investor Mark Cuban has sold approximately 80 percent of his Bitcoin holdings, citing a loss of confidence in the cryptocurrency's ability to act as a hedge against economic instability. The entrepreneur and former Dallas Mavericks owner disclosed the move in an interview, stating Bitcoin failed to perform as expected during recent geopolitical tensions and periods of dollar weakness.

Cuban explained that his decision was driven by Bitcoin's price action during the conflict involving Iran. He noted that while the price of gold surged, surpassing $5,000 per ounce at one point, Bitcoin's price declined. He said he had viewed Bitcoin as a superior alternative to gold, but its performance contradicted that thesis. Every time the dollar dropped, Bitcoin should've gone up, Cuban said. It's not the hedge I expected it to be.

The investor indicated he maintains a more favorable view of Ethereum, citing its utility through smart contracts and decentralized finance applications. He characterized most other cryptocurrencies as garbage.

Cuban's remarks mark a shift from his previous public stance. In past years, he described a crypto portfolio heavily weighted toward Bitcoin and...