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- Mark Cuban said he sold most of his bitcoin, and that it was not the hedge against monetary inflation that he expected.
- The billionaire said he believes Bitcoin is “better gold than gold,” but it has not behaved that way in his view.
- Cuban had previously considered launching his own currency, but now believes it is just “trash.”
Billionaire investor, entrepreneur, and former Dallas Mavericks owner Mark Cuban thinks so Bitcoin “He lost the plot of land” – he said he originally sold most of his property, during an interview with Front office sports.
Cuban previously said that Bitcoin It can compete with gold as a store of value In favorable macroeconomic conditions, but he now said he was disappointed with the recent performance of the top crypto assets by market capitalization amid macro volatility and the war in Iran.
“I always thought it was a better version of gold than gold,” Cuban said. Front office sports Editor-in-Chief Dan Roberts, Previously from Decryption. “But gold just went up and hit $5,000, and Bitcoin went down.”
“Every time the dollar fell, Bitcoin was supposed to rise,” he added. “It’s not the hedge I expected.”
Bitcoin, which is trading at about $77,672 on Thursday, has fallen about 29% in the last year of trading and is now 38.4% below its October all-time high of $126,080. Meanwhile, gold has risen more than 37% in the last year of trading, most recently trading at around $4,548.
While the precious metal holds the largest market capitalization of any asset globally at more than $31 trillion, its price has also fallen by more than 17%. Since achieving a new all-time high Above $5,500 an ounce earlier this year.
Cuban, who has been active in the cryptocurrency space over the past few years, said during the interview that he sold “most” of his bitcoin, just two years after proposing it. The stars may be aligning to accelerate the price of the asset.
Last year, he was a billionaire He considered launching his own meme coinBut it was said in the end Decryption He has no such plans to pursue. In his last comment on cryptocurrencies, he said: Front office sports That “token objects” and “meme coins” were “garbage.”
His disillusionment with cryptocurrencies stems from NFTs Ethereumalthough he is less than averse to the current state of Bitcoin.
“I don’t know if they’re dead, but I’d say they’re disappointing,” he said of NFTs, adding that the cryptocurrency industry as a whole has been a disappointment because it hasn’t found “an application for novelty.”
Cuban He was previously an outspoken advocate for NFTshighlighting its advantages over physical property while He publicly displayed his NFT wallets.
He was also a famous fan of DogecoinHe loves Fellow billionaire Elon MuskSaying that people were more willing to spend it on products and services rather than hold it like Bitcoin. In 2021, Cuban suggested Dogecoin He could Act like a stablecoin And hover near the $1 mark. Under his ownership in 2021, the NBA’s Mavericks He started accepting DOGE As payment for goods.
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