Mark Cuban
The former owner of the NBA’s Dallas Mavericks and renowned investor questioned the lack of everyday use of cryptocurrencies. Furthermore, it devalued its role compared to traditional assets, such as gold.
The multi-millionaire Mark Cuban has reopened the debate on the future of cryptocurrencies and, above all, bitcoin, after acknowledging that it has sold most of its bitcoins. The investor argues that the asset failed as a refuge against gold and that the sector has not yet found mass utility.
The statements were made in an interview with Front Office Sports, in an excerpt that was not broadcast live, but was later broadcast by the presenter Daniel Roberts on social network X.
Cuban, known for his investor profile and connection to Dallas Mavericksthe team that signed the former Real Madrid player Luka Doncicwas particularly critical of recent developments in the crypto market.
The businessman summarized his disappointment in a sentence that points to the main problem in the sector: “I don’t know if he’s dead, but he’s a disappointment.” He then added that cryptocurrencies have not yet developed “an app for grandma,” a direct way to question their lack of daily use.
Mark Cuban’s harshest criticism centered on bitcoin behavior during episodes of geopolitical tension and weakening of the dollar. As he explained, he bought the asset because he saw it as an alternative to fiat money and as an improved version of gold.
However, for the investor, This thesis has lost strength. Cuban stated: “I think bitcoin has lost its way. When I started buying bitcoin, and I’ve sold… most of it, it was because when everything got complicated with the war in Iranbitcoin has always been the best alternative to the loss of value of fiat currency, and I have always thought that was a better version of gold than gold itself.”
The businessman continued his explanation, pointing out that gold rose sharply while to bitcoin recovered. “Gold just soared to $5000, bitcoin fell. And every time the dollar fell, bitcoin should have gone up… and it just didn’t. It wasn’t the hedge I expected it to be, and that was really disappointing”, he stated.
According to , Cuban’s position does not represent a total rupture with the entire ecosystem, although it reflects a severe turning regarding bitcoin’s role as digital gold.
The investor also guaranteed to be less disillusioned with Ethereumat the same time as classified memecoins as “trash” that have dominated some of the crypto conversation in recent years.
His words come after a journey marked by very harsh comments about bitcoin. In 2019, when it was trading below US$10,000, it even told CNBC that I would rather have bananas than bitcoinfor its practical usefulness.
Now, his message returns to a central promise of the sector: that cryptocurrencies can act as a reliable refuge in times of uncertainty.
