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 Bitcoin, not as disappointed in Ethereum,” and called meme coins “garbage.”

Analyst Fact-Checks Cuban: Bitcoin Up 20% Since Iran War

The Wolf of All Streets host Scott Melker on Friday fact-checked Cuban’s claims, pointing out that gold hit $5,000 before the Iran war actually started. 

Since the war began, gold is up about 11-12% while Bitcoin is up roughly 20%.

“His statement is just factually wrong,” Melker explained. “Gold went absolutely flying, but it was not in a time of global crisis. We’re living through a time of plenty and abundance. Bitcoin’s done fine since the Iran war,” he added.

Melker noted that Cuban was “really one of us in the last cycle,” flipping NFTs and deep in the crypto rabbit hole before capitulating.

SpaceX Owns 18,712 Bitcoin—Double Previous Estimates

Meanwhile, SpaceX disclosed it owns 18,712 Bitcoin in its IPO filing, revealed Thursday. Analysts previously estimated SpaceX held only around 8,000 Bitcoin, meaning the company holds 2.2 times more than expected—an additional 10,000 coins.

The holdings represent roughly 0.08% of SpaceX’s projected market cap but give anyone who buys the IPO exposure to Bitcoin. 

SpaceX hasn’t sold any Bitcoin, unlike Tesla Inc. (NASDAQ:TSLA), which has sold portions of its holdings.

The disclosure comes as institutional Bitcoin holders continue accumulating despite price volatility. 

Elon Musk’s company joining the ranks of major corporate Bitcoin holders adds another layer of mainstream adoption, even as some early supporters like Cuban exit their positions. Bitcoin currently trades around $77,400.

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