Foreign media reports that Mark Cuban recently sold about 80% of his Bitcoin holdings, citing the fact that after the outbreak of the Iran-Iraq War, gold rose to $5,000, while Bitcoin did not perform as strongly as he had expected. This statement raises an old question again: can Bitcoin truly serve as a safe-haven asset in geopolitical conflicts?
Cuban says hedging expectations have not materialized.
In a podcast interview, Cuban stated that he had previously viewed Bitcoin as a better store of value than gold. However, during the escalation of the US-Iran conflict, gold rose rapidly while Bitcoin fell, leading him to change his mind and sell most of his holdings.
According to him, when fiat currencies are under pressure and geopolitical situations deteriorate, Bitcoin should receive buying support like a crisis asset, but its actual performance has not reflected this effect. The article mentions that his crypto asset allocation at the beginning of the year was roughly 60% Bitcoin, 30% Ethereum, and 10% other tokens.
The data from the same period are not entirely consistent.
However, foreign media also pointed out that Cuban's conclusions do not entirely align with some market data. The statistics cited in the article show that since the outbreak of the Iran-Iraq War on February 28, 2026, Bitcoin has generally continued to rise, while gold has retreated after reaching a high.
The article states that Bitcoin was trading at approximately $77,500 at the time of Cuban's speech, still about 38% lower than its October 2025 high, but significantly higher than pre-war levels. Gold, while briefly touching $5,000, has since fallen back to around $4,500.
Market Reassesses Digital Gold Narrative
The commentary argues that the core of the controversy isn't just whether Cuban reduced his holdings, but rather that the market is reassessing Bitcoin's role. When unexpected risks arise, it may not rise immediately like traditional safe-haven assets, but rather behaves more like a highly volatile asset sensitive to macroeconomic liquidity and risk appetite.
However, if the observation period is extended, Bitcoin's cumulative performance during the same shock may outperform gold. This means that the "digital gold" narrative has not disappeared, but its manifestation is different from traditional gold. Cuban's recent reduction in holdings has thus become a highly watched example for the market to re-examine Bitcoin's safe-haven attributes.
