Cuba · Bitcoin · Iran · DAN (Do Anything Now) · Decrypt
Mark Cuban Confirms He Sold Most of His Bitcoin
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Billionaire investor, entrepreneur, and former Dallas Mavericks owner Mark Cuban believes that Bitcoin “has lost the plot”—and said he’s sold most of his holdings in the asset, during an interview with Front Office Sports.
Key facts
- Bitcoin, which is trading around $77,672 on Thursday, has fallen around 29% in the last year of trading and is now 38.4% off its October all-time high mark of $126,080
- While the precious metal maintains the largest market cap of any asset globally at more than $31 trillion, its price has also fallen more than 17% since making a new all-time high above $5,500 per
- In 2021, Cuban even suggested Dogecoin could act like a stablecoin and hover near the $1 mark
- Billionaire investor, entrepreneur, and former Dallas Mavericks owner Mark Cuban believes that Bitcoin “has lost the plot”—and said he’s sold most of his holdings in the asset, during an interview
Summary
Mark Cuban said he has sold most of his Bitcoin, and that it hasn't acted as the hedge against fiat inflation that he expected. The billionaire said he thought BTC was "a better gold than gold," but it hasn't acted like it in his view. Cuban previously mulled the launch of his own meme coin, but now believes they are "garbage. Cuban previously said that Bitcoin could rival gold as a store of value in the right macroeconomic conditions, but said now that he’s disappointed in the recent performance of the top crypto asset by market cap amid macro volatility and the war in Iran.