Billionaire investor Mark Cuban sold most of his Bitcoin (CRYPTO: BTC) holdings, saying the cryptocurrency “lost the plot” after failing to act as a hedge during the Iran war.
Yet, one analyst says Cuban got his facts wrong.
Cuban Claims Gold Ripped While Bitcoin Dropped During Iran War
Cuban had previously explained he bought Bitcoin as the best alternative to fiat currency losing value and believed it was a superior version of gold.
He argued that during the Iran war, gold skyrocketed to $5,000 while Bitcoin dropped instead of rising.
He pointed out that every time the dollar dropped, Bitcoin should have gone up because it would be cheaper for anyone around the world to buy. Instead, Bitcoin failed to perform as the hedge he expected.
Cuban said he’s “more disappointed in …