Mark Cuban Says He Sold Most of His Bitcoin, Calls Meme Coins 'Garbage'
Billionaire investor Mark Cuban revealed in an interview with Front Office Sports that he has sold most of his Bitcoin holdings, expressing disappointment with its performance as a hedge against inflation. He noted that while gold surged to around $5,000 during macro volatility, Bitcoin dropped. Cuban had previously described Bitcoin as 'a better gold than gold' but now believes it 'has lost the plot.' Bitcoin is currently trading around $77,672, down 29% over the past year and 38.4% below its all-time high. Gold, meanwhile, has risen over 37% in the same period. Cuban also criticized meme coins as 'garbage,' despite previously considering launching his own. He expressed disappointment with NFTs and the broader crypto industry for failing to find mainstream adoption. Cuban was once a vocal supporter of Dogecoin and allowed the Dallas Mavericks to accept DOGE for payments.
Key facts
- Mark Cuban sold most of his Bitcoin, calling it not the inflation hedge he expected.
- Bitcoin dropped 29% in the past year while gold rose 37%, Cuban noted.
- Cuban described meme coins as 'garbage' after previously mulling his own launch.
- He expressed disappointment with NFTs and the crypto industry overall.
- Cuban was once a Dogecoin supporter and allowed the Mavericks to accept DOGE.