Billionaire investor cites Bitcoin’s failure to rally alongside gold as key reason for reducing exposure near recent lows.
Mark Cuban has sold most of his Bitcoin holdings, citing its underperformance as an inflation hedge. The billionaire investor noted Bitcoin’s decline while gold surged to $5,000, contradicting his expectation that Bitcoin would outperform during dollar weakness.
Cuban previously viewed Bitcoin as a superior alternative to gold but reversed course after its price dropped amid rising inflation. Analysts, including Blockstream CEO Adam Back, criticized the timing, suggesting Cuban sold near a market bottom.
The move highlights growing skepticism about Bitcoin’s role as a hedge, particularly as traditional assets like gold gain traction in volatile economic conditions.