Mark Cuban Sells Most of His Bitcoin, Calls Memecoins 'Garbage'

Billionaire investor Mark Cuban revealed on Thursday that he has sold most of his Bitcoin holdings, stating that the cryptocurrency failed to act as the hedge he expected against fiat currency devaluation. Appearing on the Portfolio Players podcast, Cuban said Bitcoin has 'lost the plot' and been 'disappointing.' He noted that while gold surged to $5,000 during dollar weakness, Bitcoin dropped, contradicting his belief that it would be a 'better version' of gold. Cuban also criticized memecoins as 'garbage,' reflecting a broader shift in his crypto outlook.

For gold and precious metals traders, Cuban's comments reinforce the narrative that gold remains the traditional safe-haven asset during currency turmoil, while Bitcoin's correlation with risk assets has undermined its hedge status. This divergence is rooted in gold's deep-seated role as a monetary metal, supported by central bank buying that has reached record levels since 2022 as nations diversify reserves away from the dollar. The real US 10-year yield, which often inversely drives gold prices, remains elevated, yet gold has held firm—a sign that geopolitical and devaluation fears are overriding traditional rate dynamics. Meanwhile, the COMEX-LBMA spread has widened at times, reflecting physical delivery stress, while ETF flows into GLD and IAU have seen steady accumulation, contrasting with outflows from crypto products. Jewelry demand in Asia and investment demand via bars and coins continue to underpin the market, and the DXY inverse correlation has reasserted itself, with a weaker dollar boosting gold. Traders can monitor gold's real-time price action on NowPrice's live dashboard to track how such sentiment shifts impact the precious metals market.

Looking ahead, investors will watch for further commentary from high-profile figures and institutional flows into gold ETFs versus crypto products. The divergence between gold's rally and Bitcoin's decline could persist if macroeconomic uncertainty continues to favor traditional safe havens. Key levels to monitor include gold's support near $2,900 and resistance at $3,000, while Bitcoin's ability to hold above $80,000 will be critical for crypto sentiment. Any shift in Fed policy or escalation in trade tensions could further amplify gold's appeal as a store of value.