Mark Cuban, the billionaire investor and Dallas Mavericks owner, has publicly distanced himself from Bitcoin, stating the cryptocurrency has “lost the plot” and failed to serve as the hedge he once anticipated. His remarks come as Bitcoin briefly surged above $64,000 on Saturday before settling near $63,896 on Sunday, according to market data.
Cuban’s evolving stance on Bitcoin has drawn renewed attention after a June 11 Benzinga article, republished by Yahoo Finance, juxtaposed his 2017 advice to take a small, speculative bet on digital assets with his recent criticism. In a 2017 Vanity Fair video, Cuban told risk-tolerant investors to allocate a minor portion of their portfolios to Bitcoin or Ethereum but treat it as money already lost. “You’ve gotta pretend you’ve already lost your money,” he said, comparing crypto to collectibles whose value depends on what others will pay.
Nearly nine years later, Cuban’s tone has shifted dramatically. In a “Portfolio Players” episode with Front Office Sports, he declared, “Bitcoin has lost the plot… Not the hedge I expected it to be.” He confirmed selling most of his Bitcoin holdings and dismissed memecoins as “garbage.” The comments were echoed in a CoinDesk report where Cuban questioned Bitcoin’s “digital gold” narrative, noting its price dropped when gold surged during heightened geopolitical tensions with Iran.
Despite his criticism, Cuban pushed back against claims that his sale signals an impending collapse. In a June 4 Benzinga piece, also on Yahoo Finance, he posted on X: “I’m not saying it goes to zero.” He explained that Bitcoin’s value now appears to him as a function of supply and demand plus a payments premium, which was not his original investment thesis. He added that he sold before the war, applying his stock investing rule: “If my thesis doesn’t hold. Sell.”
Bitcoin’s price movement remained resilient despite Cuban’s bearish comments. CoinDesk reported Saturday that the cryptocurrency pushed past $64,000 as U.S. spot Bitcoin ETF inflows reached their highest level since May 14, with some traders citing reduced geopolitical risk. By Sunday, Bitcoin was trading near $63,896, while Ethereum held around $1,658.
The situation has sparked warnings for retail traders. Watcher Guru noted in a June 12 follow-up that prominent investors can reverse their positions quickly, potentially leaving followers exposed if they blindly mirror celebrity calls. However, Cuban’s original 2017 advice already flagged the speculative nature of crypto, calling it a “Hail Mary” rather than a core portfolio holding.
Market participants continue to weigh the implications of Cuban’s shift. While his personal divestment may not directly impact Bitcoin’s price, it underscores a broader debate about the cryptocurrency’s role as a hedge. The recent ETF inflows and geopolitical optimism have supported prices, but Cuban’s skepticism adds a layer of caution for investors reassessing their crypto exposure.
