TLDR
- Mark Cuban sold roughly 80% of his Bitcoin after it failed to act as a hedge during the US-Iran conflict
- Gold surged to $5,000 while Bitcoin dropped, undermining Cuban’s “better than gold” thesis
- Cuban still holds Ethereum, citing its smart contract and DeFi utility
- He dismissed most other cryptocurrencies as “garbage”
- Bitcoin defenders note the asset is up over 16% since the conflict began, depending on the timeframe
Mark Cuban, the billionaire investor and Dallas Mavericks owner, has sold roughly 80% of his Bitcoin holdings. He told the Front Office Sports podcast “Portfolio Players” that Bitcoin failed to behave like a hedge during the US-Iran conflict.
JUST IN: Billionaire Mark Cuban says he sold “most” of his Bitcoin.
“Bitcoin has lost the plot.” pic.twitter.com/8xbRbcPBpC
— Watcher.Guru (@WatcherGuru) May 21, 2026
Cuban had long described Bitcoin as a superior version of gold. He once said its fixed supply and decentralized structure made it a better store of value. As recently as January 2025, he said he would “rather own Bitcoin than gold if something bad happens to the economy.”
That view has now changed.
Why Cuban Lost Faith in Bitcoin
“When all this hit the fan with the Iran war, bitcoin was always the best alternative to fiat currency losing its value,” Cuban said. “Gold just blew up and went to $5,000. Bitcoin dropped.”
His argument was simple. Every time the dollar weakened, he expected Bitcoin to rise. It did not. Gold climbed during the geopolitical tension. Bitcoin fell.
Cuban’s crypto portfolio heading into 2026 was roughly 60% Bitcoin, 30% Ethereum, and 10% other assets. He once said he had never sold his Bitcoin. That conviction has now reversed.
“Not the hedge I expected it to be, and that was really disappointing,” he said.
He dismissed most other cryptocurrencies as “garbage” while saying he remains less disappointed in Ethereum.
Cuban Still Backs Ethereum
Cuban continues to hold Ethereum. He has consistently praised its smart contract technology and its role in enabling decentralized finance applications and NFTs.
He sees a difference between Bitcoin, which he viewed primarily as a store of value, and Ethereum, which he believes has clearer real-world utility.
His latest comments suggest that distinction is now more important to him than ever.
Bitcoin Defenders Push Back
Not everyone agrees with Cuban’s reading of events.
Bitcoin supporters point out that since the first signs of the US-Iran conflict emerged in late February, Bitcoin has risen more than 16% while gold has fallen over 15%. The performance of either asset depends heavily on which timeframe you use.
Bitcoin currently trades near $77,500, down roughly 38% from its October 2025 all-time high of $126,080. Gold trades around $4,500 per ounce, having pulled back from its $5,000 peak.
Cuban’s exit does not reflect broader institutional behavior. Spot Bitcoin ETFs collectively hold more than $100 billion in assets, showing that large institutional buyers remain active in the market.
Cuban’s move is a personal investment decision based on his own thesis about Bitcoin’s role as a macro hedge — a thesis he now says the asset has failed to deliver on.
