Billionaire investor Mark Cuban has parted with most of his Bitcoin holdings, saying the asset failed to deliver on its core promise as a hedge against fiat currency weakness and geopolitical turmoil.

Cuban made the remarks during an interview with Front Office Sports, where he said Bitcoin “has lost the plot.” The Shark Tank personality and former Dallas Mavericks owner had long positioned Bitcoin as a superior alternative to gold, citing its fixed supply and decentralized structure. That conviction has eroded.

“I always thought it was a better version of gold than gold,” Cuban said. “But gold just blew up and went to $5,000. Bitcoin dropped.”

The billionaire pointed to…

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