Summary
- Mark Cuban disclosed that he has divested a significant portion of his Bitcoin, expressing disappointment that it has not served as a hedge against fiat inflation as he anticipated.
- The billionaire investor once believed BTC was "a superior gold substitute," but his perspective has changed.
- Cuban previously considered creating a meme coin but now refers to them as "garbage."
Mark Cuban, the billionaire entrepreneur and former owner of the Dallas Mavericks, has stated that he has sold most of his Bitcoin holdings, expressing in an interview with Front Office Sports that he feels Bitcoin “has lost the plot.”
In the past, Cuban indicated that Bitcoin could potentially rival gold as a store of value under favorable macroeconomic conditions. However, he has recently voiced disappointment with the cryptocurrency's performance amidst market volatility and geopolitical tensions, particularly the situation in Iran.
“I always thought it was a better version of gold than gold,” Cuban remarked to Front Office Sports Editor-in-Chief Dan Roberts, who previously worked for Decrypt. “But gold just skyrocketed to $5,000, while Bitcoin has dropped.”
He added, “Every time the dollar fell, Bitcoin should have surged. It’s not the hedge I expected it to be.”
Mark Cuban on crypto: "Bitcoin has lost the plot. I always thought it was a better version of gold than gold. Well, gold just blew up, Bitcoin dropped. Not the hedge I expected it to be."
He mentioned he has sold most of his BTC. Regarding meme coins? “Garbage.” https://t.co/EgH1rd5GGJ pic.twitter.com/oYRMye3DEg
— Daniel Roberts (@readDanwrite) May 21, 2026
Currently, Bitcoin trades at approximately $77,672, having declined around 29% over the past year, and is down 38.4% from its all-time high of $126,080 reached in October. In contrast, gold has appreciated by more than 37% in the same timeframe, recently priced around $4,548.
Gold retains the title of the largest asset by market capitalization globally, exceeding $31 trillion, although its price has also decreased by over 17% since hitting a new record high above $5,500 per ounce earlier this year.
Active in the cryptocurrency sector in recent years, Cuban revealed during the interview that he has sold “most” of his Bitcoin, just two years after suggesting that the conditions were right for its price to rise.
Last year, he considered launching a meme coin but later clarified in an interview with Decrypt that he had no intention of pursuing that idea. In his latest commentary, he labeled “token stuff” and “meme coins” as “garbage.”
Cuban's disillusionment extends beyond Bitcoin, affecting his views on NFTs and Ethereum, though he is less critical of the latter. He remarked, “I don’t know if it’s dead, but I’d say it's disappointing,” adding that the crypto industry has failed to find “an application for grandma.”
Previously, Cuban was a vocal supporter of NFTs, emphasizing their benefits over physical ownership while publicly showcasing his NFT collections.
He also expressed enthusiasm for Dogecoin, similar to fellow billionaire Elon Musk, noting that it is often spent more readily than Bitcoin. In 2021, he even suggested Dogecoin could function like a stablecoin, remaining near the $1 mark. Under his ownership, the Mavericks began accepting DOGE for merchandise in 2021.