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Mark Cuban has renewed debate around Bitcoin after saying he sold most of his holdings before the Iran war, not because of it. His comments placed fresh attention on Bitcoin’s role as a hedge, its price behavior, and Michael Saylor’s influence on market demand.
Mark Cuban said reports linking his Bitcoin sale to the Iran war were not accurate. He stated that he had already sold most of his holdings before the conflict began. Cuban said his sale prices ranged from about $88,000 to at least $120,000.
He explained that his decision followed the same rule he uses for stocks. “I follow the rule for stocks; I exit when my thesis is no longer relevant,” Cuban said. His comments came as Bitcoin traded near $76,000, down about 40% from its record high near $126,000.
Mark Cuban said Bitcoin was promoted for years as protection against weak money, central bank pressure, and economic stress. However, he questioned that view after Bitcoin moved more like a risk asset during market pressure. “That’s not what BTC was meant to be. At least not IMO,” he said.
Cuban also questioned how much Michael Saylor and Strategy have supported Bitcoin’s current price. Strategy has become one of the largest corporate Bitcoin holders, with repeated purchases during different market cycles.
“And who knows how much of the price is Saylor propping it up,” Cuban said. He added that Bitcoin’s value still depends mainly on supply and demand, with a smaller premium tied to payments.
His comments did not suggest that Bitcoin would lose all value. Instead, Cuban questioned whether the asset still matches the original argument used by many long-term supporters. He also noted that some Bitcoin supporters have become less vocal during the recent decline.
Market data shows that traders still expect a possible downside. Polymarket contracts showed a 50% chance that Bitcoin price could fall to $55,000 this year. The same market placed a 42% chance on a move to $50,000 and a 32% chance on a drop to $45,000.
However, Bitcoin’s longer record still shows sharp recoveries after major sell-offs. The asset fell 64% in 2022, then rose 156% in 2023 and 121% in 2024. Bitcoin also moved from near $10,000 in late 2017 to around $100,000 in December 2024.
Meanwhile, Nasdaq has received SEC approval to list Bitcoin index options. The contracts will track the CME CF Bitcoin Real Time Index and settle in cash. However, Nasdaq still needs final approval from the Commodity Futures Trading Commission before trading can begin.
The planned product would give equity traders another Bitcoin-linked instrument outside spot Bitcoin ETF options. It also comes as gold remains near record levels, keeping the debate around Bitcoin’s store-of-value role active. Cuban’s comments now add another layer to that debate as investors compare Bitcoin’s original purpose with its current market behavior.
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