Mark Cuban Sells Most of His Bitcoin... Remains Optimistic About Ethereum

▲ Bitcoin (BTC), Ethereum (ETH) ©Go Da-sol

Mark Cuban, who once championed 'digital gold,' has finally revealed that he has divested most of his Bitcoin holdings. Conversely, he maintains a positive stance on Ethereum, drawing the market's attention.

According to the cryptocurrency media outlet Finbold on May 22 (local time), billionaire investor and TV personality Mark Cuban stated in a recent interview that he sold most of his Bitcoin (BTC). He evaluated that Bitcoin did not properly serve its role as an inflation hedge, and instead, he remains optimistic about Ethereum (ETH).

Cuban specifically pointed out that during the recent Iran conflict, gold prices surged, but Bitcoin, on the contrary, fell. He explained that in the past, he viewed Bitcoin as an alternative asset to counter the depreciation of the dollar, but the actual market trend differed from his expectations.

"Bitcoin should have risen whenever the dollar weakened, but it didn't," Cuban said. "I thought Bitcoin was a better asset than gold, but gold eventually rose to $5,000, and Bitcoin fell." He added, "It wasn't the hedge asset I expected."

He was previously a prominent pro-crypto figure who actively advocated for Bitcoin. In a 2021 interview on The Delphi Podcast, he even revealed that about 60% of his crypto portfolio was in Bitcoin. At the time, he praised Bitcoin as 'digital gold' due to its limited supply structure and decentralized characteristics.

However, Cuban currently assesses Ethereum as "less disappointing" than Bitcoin. He directly described many other cryptocurrencies as "sh*t assets," drawing a clear line. The market is paying close attention to his remarks, seeing them as a shift in stance from a prominent pro-Bitcoin individual.

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