BlockBeats News, May 22nd. Billionaire Mark Cuban revealed in the Front Office Sports podcast that he has sold most of his Bitcoin holdings. Disappointed by Bitcoin's failure to act as an effective hedge during recent geopolitical turmoil and USD weakness, Cuban, who once saw Bitcoin as "digital gold" superior to actual gold, cited the unmet expectation of Bitcoin's fixed supply countering fiat devaluation. The surge in gold price during the Iran conflict did not translate to a Bitcoin rally, and Bitcoin did not rise amidst USD depreciation, undermining his key investment thesis.

Mark Cuban, a former staunch Bitcoin supporter with a significant long-term position, had Bitcoin account for about 60% of his crypto portfolio. As early as 2018, he had the Dallas Mavericks accept Bitcoin as payment for tickets, and later expressed strong bullishness towards Ethereum. However, he always viewed Bitcoin as the core asset hedging against fiat devaluation and economic turmoil.