Mark Cuban Criticizes Bitcoin's Safe-Haven Logic..."Believed in Digital Gold, Got Blindsided"

▲ Bitcoin (BTC), Gold/AI-generated image

Billionaire investor Mark Cuban has directly criticized Bitcoin (BTC)'s safe-haven narrative. Cuban stated that Bitcoin reacted differently than expected to geopolitical events and fiat currency flows, saying, “It wasn’t the hedge I expected, and it was really disappointing.”

CoinGape reported on May 23 (local time) that Cuban reignited the safe-haven debate between Bitcoin and gold. Cuban evaluated that Bitcoin did not properly serve as a safe-haven asset and revealed that he sold most of his holdings. He cited that Bitcoin fell by 29% over 12 months, while gold rose from $3,295 to $4,522 during the same period.

Cuban was known for having a positive view of Bitcoin in the past, but in his recent remarks, he expressed that gold is better than Bitcoin. He pointed out that while gold rose to $5,000 by January 2026, Bitcoin fell from $123,000 to $87,000 by October 2025. He added, “I’m more disappointed in Bitcoin, and not as disappointed in Ethereum (ETH).”

However, CoinGape pointed out that the recent trends of gold and Bitcoin are moving in a different direction than Cuban's claims. It explained that gold peaked at $5,000 on January 29 and has been declining since, while Bitcoin is narrowing the gap. The XAU/BTC ratio fell from 0.0826 on March 2 to 0.0584 on May 22, a 29% drop over 12 weeks. CoinGape analyzed that this trend means Bitcoin has performed stronger than gold over the recent 12 weeks.

In terms of price outlook, short-term bearish signals were highlighted. CoinGape explained that Bitcoin fell by 7.35% in four days, from $82,000 on May 14 to $76,000 on May 18, forming the flagpole of a bear flag. Subsequently, it rebounded from $76,000 to $78,000 from May 18 to May 22, but this upward trend was seen as forming the flag portion of a bearish pattern.

CoinGape predicted that if Bitcoin fails to hold the $77,000 support level, it could drop an additional 7.35% to $71,000. Conversely, if it breaks above the upper bound of the ascending channel and the $78,000 resistance level, it could lead to a recovery of the $80,000 psychological support level. The CMF was 0.10, suggesting that the long-term outlook remains bullish, and the AO bars also remained green in the positive territory, indicating that buying pressure persists.

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