After the hedge narrative fell short, Mark Cuban says he sold most of his Bitcoin, expressing disappointment.

Billionaire investor Mark Cuban says he has significantly reduced his Bitcoin holdings after concluding that the asset has not performed as a reliable hedge during periods of geopolitical tension and U.S. dollar weakness.

Speaking on the Portfolio Players podcast by Front Office Sports, Cuban said recent market behavior during the Iran conflict challenged one of his core investment assumptions. Rather than acting as a safe-haven asset, Bitcoin fell while gold rallied, prompting him to rethink its role in his portfolio.

“When all this hit the fan with the Iran war… I always thought it was a better version of gold than gold. Well, gold just blew up… bitcoin dropped,” Cuban said, noting that he also expected Bitcoin to rise when the dollar weakened but saw the opposite reaction.

Cuban, whose net worth is estimated at around $10 billion, said these outcomes ultimately led him to sell most of his Bitcoin exposure. The move marks a notable shift for an investor who has long been one of crypto’s most visible public supporters.

In a 2021 interview on The Delphi Podcast, Cuban previously said his crypto portfolio was heavily weighted toward Bitcoin, alongside Ethereum and smaller altcoin positions. At the time, he described Bitcoin as a stronger store of value than gold and said he had never sold any of his holdings.

He also praised blockchain technology, especially Ethereum’s role in smart contracts and decentralized finance, comparing the early crypto sector to the early days of the internet.

His latest comments reflect a more cautious stance on Bitcoin specifically. Cuban said it was “not the hedge I expected it to be,” while indicating he remains more positive on Ethereum and other blockchain-based applications.

The remarks contribute to an ongoing debate about Bitcoin’s role in global markets. Advocates often describe it as “digital gold” and a hedge against inflation, currency debasement, and geopolitical risk. However, its price action has frequently resembled that of a risk asset, moving in line with broader market sentiment rather than acting as a safe haven.

Recent market trends underline this divide. Gold has strengthened amid geopolitical uncertainty and renewed tensions in the U.S.-Iran backdrop, while Bitcoin has struggled to maintain upward momentum despite a weaker dollar environment.

Cuban’s revised stance highlights a broader split in the crypto ecosystem between Bitcoin as a macro hedge and blockchain platforms like Ethereum, which are increasingly viewed for their utility in payments, decentralized finance, and tokenized applications.