Mark Cuban Claims Bitcoin Failed As War Hedge – But Data Shows BTC Outperforming Gold

• In a recent interview, Mark Cuban said he has sold most of his Bitcoin holdings and criticized BTC for failing to act like a hedge during the U.S.-Iran conflict.
• Cuban stated that he originally viewed Bitcoin as a superior version of gold but was disappointed by its price behavior during market stress.
• He added that he remains less “disappointed” in Ethereum and dismissed memecoins as “garbage.”

Billionaire investor Marc Cuban said this week he’s sold most of his Bitcoin (BTC) holdings and called the apex cryptocurrency a failed hedge compared to gold.

“I think Bitcoin has lost the plot,” he said during an interview with Front Office Sports. The Shark Tank host and fomer owner of the Dallas Mavericks stated he started buying Bitcoin because it was meant to be the “best alternative” to fiat currency losing its value, but the price movement during the U.S.-Iran war proved otherwise.

“I always thought it was a better version of gold than gold,” he said. “Well, gold just blew up and went to $5,000 [during the war]. Bitcoin dropped. Every time the dollar dropped, Bitcoin should’ve gone up.”

Cuban said he was “disappointed” in Bitcoin, not as disappointed in Ethereum, and dismissed memecoins as “garbage”. 

Bitcoin Outperforms Gold Since US-Iran War Began

Bitcoin’s price has been trading between $67,000 to near $77,000 since late February, when the first signs of conflict between the U.S. and Iran emerged. However, contrary to Cuban, some market watchers have been impressed with Bitcoin’s performance against gold since the U.S.-Iran war began. 

Gold’s price has fallen by over 15% during that time, while Bitcoin’s price has risen by over 16% and Ethereum’s gained nearly 9%. The dollar, meanwhile, moved 1.3% higher. 

Despite Bitcoin outperforming gold during the U.S.-Iran war, BTC’s price remains nearly 40% below its record high of over $126,000 seen in October. Meanwhile, gold’s price has fallen just 16% from its all-time high of over $5,600 per ounce seen in February

On Thursday, Bitcoin’s price traded at around $77,7000, edging 0.3% higher in the last 24 hours. Ethereum’s price gained in tandem, trading at around $2,100 . Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘bearish’ territory over the past day, accompanied by ‘normal’ levels of chatter.

Meanwhile, the SPDR Gold Shares ETF (GLD) traded flat with gold’s price trading slightly above $4,500. Retail sentiment around the fund trended in ‘bullish’ territory over the past day, alongside ‘high’ levels of chatter.

Read also: Bitcoin, Ethereum Slip After Nvidia Earnings While Oil Surge Spooks Markets

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