Mark Cuban Reverses Bitcoin Stance: Calls It ‘Lost the Plot’, June 12

Billionaire entrepreneur Mark Cuban has reversed his Bitcoin position, saying the cryptocurrency has “lost the plot” nine years after recommending investors put 10% into it as a speculative bet. Cuban originally bought Bitcoin as a hedge against currency devaluation and geopolitical risk, but says it failed to deliver. Bitcoin trades at $63,398 USD, down 27% year-to-date, as major investors reassess the “digital gold” narrative.

From Hail Mary to Disappointment

In 2017, Cuban told Vanity Fair that adventurous investors could allocate 10% to Bitcoin or Ethereum as a “Hail Mary” bet, with a critical caveat: “pretend you’ve already lost your money.” He compared crypto to collectibles like art and baseball cards, worth only what someone else pays. Cuban emphasized this was not a retirement strategy but a speculative edge-of-portfolio position. Nine years later, his tune has changed entirely.

Why Cuban Bought Bitcoin

Cuban said he originally purchased Bitcoin because he believed it could serve as an alternative to traditional currencies and act as a better hedge than gold during economic uncertainty. He pointed to the Iran conflict as a moment when Bitcoin should have proven its value as a safe haven. Instead, during recent geopolitical tension, gold moved higher while Bitcoin fell sharply. “When I started buying Bitcoin, it was because when all the sh*t hit the fan with the Iran war, Bitcoin was always the best alternative to fiat currency losing its value,” Cuban said on the Front Office Sports podcast.

Bitcoin’s Technical Weakness

Bitcoin trades at $63,398 USD, up 2.8% on the day but down 27.4% year-to-date. Meyka rates the cryptocurrency a C+ with a HOLD suggestion, citing weak technical signals. The Relative Strength Index sits at 32.91, indicating oversold conditions, while the Money Flow Index at 14.21 shows extreme selling pressure. The 12-month price target of $97,868 USD sits 54% above current levels, but the strong downtrend (ADX at 42.54) suggests near-term weakness persists.

Broader Crypto Sentiment Shifts

Cuban has sold most of his Bitcoin holdings. Meanwhile, Binance co-founder Changpeng Zhao urged investors not to panic, noting that “Bitcoin won’t be ‘dead’ for too long.” However, Cuban’s reversal signals deeper doubts about crypto’s core value proposition. Google search interest for “Bitcoin is dead” hit an all-time high of 100 in February and has climbed again during the recent downturn. Investors are rethinking the digital gold narrative as real-world performance fails to match expectations.

Final Thoughts

Cuban’s shift reflects a fundamental challenge for Bitcoin: it has not performed as a hedge during crises. With Meyka rating BTCUSD a C+ HOLD and the 12-month target at $97,868 USD, the data shows limited conviction among analysts despite the long-term forecast.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.