Mark Cuban revealed he sold most of his Bitcoin holdings after BTC failed to act as a safe-haven hedge during recent geopolitical tensions and dollar weakness.
Bitcoin’s sharp fall from its all-time high near $126,000 to around $78,000 is now starting to impact institutional sentiment, with several major investors questioning the cryptocurrency’s long-term role in global markets. Among them is billionaire investor Mark Cuban, who recently revealed that he sold most of his Bitcoin holdings after becoming disappointed with BTC’s behavior during recent geopolitical tensions.
Speaking during an episode of the “Portfolio Players” podcast by Front Office Sports, Cuban explained that Bitcoin failed to perform the way he expected during the recent U.S.-Iran conflict and broader weakness in the U.S. dollar.
For years, Cuban publicly supported Bitcoin as a better version of gold because of its limited supply and decentralized structure. However, his latest comments suggest that view has changed significantly.
Cuban said, “When all this shit hit the fan with the Iran war, bitcoin was always the best alternative to fiat currency losing its value and I always thought it was a better version of gold than gold.”
He added, that “Well, gold just blew up... bitcoin dropped. And every time the dollar dropped, bitcoin should've gone up ... and it just didn't do that.”
The billionaire investor explained that Bitcoin’s recent price action challenged one of the main reasons he originally invested in the asset.
The criticism comes during a difficult period for Bitcoin. After reaching record highs near $126,000, BTC has now fallen sharply toward the $78,000 range. At the same time, gold prices have remained strong as investors continue seeking safer assets amid geopolitical tensions and economic uncertainty.
Traditionally, many Bitcoin supporters described BTC as “digital gold” capable of protecting wealth during inflation, war, or weakening fiat currencies.
However, recent market behavior has raised doubts among some investors because Bitcoin has often traded more like a high-risk technology asset rather than a defensive hedge.
Cuban pointed directly to this issue during the interview. According to him, Bitcoin’s inability to rise during periods of dollar weakness and geopolitical instability weakened the original investment thesis he once strongly believed in.
At the time, he said his holdings consisted of roughly 60% Bitcoin, 30% Ethereum, and 10% other cryptocurrencies.
During the podcast discussion, he suggested that Ethereum and blockchain-based applications still offer stronger long-term utility compared to Bitcoin’s current market role.
Cuban stated, “Not the hedge I expected it to be, and that was really disappointing, and so I'd say I'm more disappointed in bitcoin, not as disappointed in Ethereum.”
The comments highlight a growing divide inside the crypto market itself.
The broader market weakness is also impacting institutional Bitcoin investors.
According to market data, the average cost basis for spot Bitcoin ETF investors currently sits near $82,000, while Bitcoin is trading closer to $77,800.
That means many ETF holders are currently sitting in unrealized losses after entering the market during higher price levels.
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