TechFlow News, May 22: According to a CoinDesk report, billionaire investor Mark Cuban recently stated that he has sold the majority of his Bitcoin holdings. In an interview with the Front Office Sports podcast “Portfolio Players,” Cuban said that during the recent Iran conflict, Bitcoin failed to perform as expected—namely, to hedge against U.S. dollar depreciation and geopolitical turmoil. While gold prices surged significantly, Bitcoin’s price declined, undermining his core thesis of Bitcoin as “digital gold.”
Cuban remarked: “Every time the dollar falls, Bitcoin should go up… but it just didn’t.” He expressed disappointment in Bitcoin, yet remains relatively optimistic about Ethereum, while labeling most other cryptocurrencies “garbage.” Previously, Cuban had publicly disclosed that roughly 60% of his crypto portfolio consisted of Bitcoin, which he had held long-term without selling.
