Mark Cuban says he sold most of his Bitcoin, citing its failure as a hedge

Billionaire entrepreneur and one-time crypto advocate Mark Cuban has sold most of his Bitcoin. Speaking on a recent podcast, Cuban said he concluded that cryptocurrency has failed to serve as an effective hedge against fiat currency devaluation and geopolitical instability, leading him to lose faith and reduce his holdings, CoinDesk reported. Cuban noted that during the turmoil of the Iran war, he had viewed Bitcoin as the best alternative to gold for hedging. However, he observed that when gold prices rose, Bitcoin fell, and it also dropped when the U.S. dollar weakened. The expected hedging effect never materialized, a point he found disappointing. He added that he was more disappointed in Bitcoin than in other cryptocurrencies like Ethereum (ETH), which he dismissed as "the rest of the junk."