Mark Cuban's Bitcoin Critique Challenged by Analyst Scott Melker
Mark Cuban Is 'Factually Wrong' With His Bitcoin Thesis, Scott Melker Argues
Image: Benzinga
Billionaire investor Mark Cuban recently criticized Bitcoin for failing to act as a hedge during the Iran war, claiming it dropped in value while gold soared. Analyst Scott Melker refuted this, stating Bitcoin actually rose by about 20% since the war began, while gold increased only 11-12%. Meanwhile, SpaceX revealed it owns 18,712 Bitcoin, significantly more than previously estimated.
- 01Mark Cuban sold most of his Bitcoin holdings, expressing disappointment in its performance during the Iran war.
- 02Cuban argued that Bitcoin should have risen as a hedge against dollar depreciation, but it did not.
- 03Scott Melker fact-checked Cuban, noting that Bitcoin's value increased by approximately 20% since the war started.
- 04SpaceX's IPO filing revealed it owns 18,712 Bitcoin, more than double earlier estimates of 8,000.
- 05Despite price volatility, institutional Bitcoin holders continue to accumulate, indicating ongoing interest in the cryptocurrency.
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Billionaire investor Mark Cuban recently sold most of his Bitcoin (CRYPTO: BTC) holdings, expressing disappointment in its performance during the Iran war. He claimed that while gold surged to $5,000, Bitcoin failed to rise, which he expected as a hedge against the depreciating dollar. However, Scott Melker, host of 'The Wolf of All Streets,' fact-checked Cuban's assertions, stating that Bitcoin has actually increased by about 20% since the onset of the war, while gold only rose by 11-12%. Melker emphasized that Cuban's statements were factually incorrect, noting that the current economic climate is one of abundance, not crisis. Additionally, SpaceX disclosed in its IPO filing that it owns 18,712 Bitcoin, significantly more than the previously estimated 8,000. This increase indicates a growing institutional interest in Bitcoin, even as some early supporters like Cuban exit their positions. Currently, Bitcoin trades around $77,400.
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