Billionaire entrepreneur and investor Mark Cuban says he has bought most of his Bitcoin (CRYPTO: $BTC) holdings after shedding confidence within the cryptocurrency’s narrative.
Particularly, Cuban stated that the narrative that Bitcoin is a hedge towards weakening fiat currencies and geopolitical instability has failed and left him “disillusioned.”
Talking throughout a podcast, Cuban, who’s internet price is estimated at $10 billion U.S., stated Bitcoin’s value through the Iran struggle challenged one of many causes he owned the digital asset.
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Cuban, who beforehand owned the Dallas Mavericks NBA basketball group, stated: “I all the time thought (BTC) was a greater model of gold than gold. Nicely, gold simply blew up… Bitcoin dropped.”
The feedback mark a notable shift for Cuban, who for years publicly defended Bitcoin as a superior model of gold due to its fastened provide and decentralized construction.
In a 2021 interview, Cuban stated his cryptocurrency portfolio consisted of 60% Bitcoin, 30% Ethereum (CRYPTO: $ETH), and 10% different digital property.
On the time, Cuban argued that Bitcoin’s shortage made it a stronger retailer of worth than gold.
Cuban additionally in contrast blockchain applied sciences and good contracts to the early web period, praising Ethereum for enabling decentralized finance purposes.
The most recent remarks counsel that Cuban’s enthusiasm has cooled, particularly in the direction of Bitcoin.
“Not the hedge I anticipated it to be, and that was actually disappointing, and so I might say I am extra disillusioned in Bitcoin… rubbish,” Cuban stated within the podcast interview.
The criticism comes with Bitcoin buying and selling proper round $77,000 U.S., a stage it has been at for a number of weeks after failing to interrupt by way of resistance at $82,000 U.S.
BTC hit an all-time excessive of simply over $126,000 U.S. final October.
