Mark Cuban Dumps Bitcoin for 'AI'...Strategy CEO: 'Short-term Traders Will All Be Wiped Out'

▲ Bitcoin (BTC), Artificial Intelligence (AI)/ChatGPT generated image

Mark Cuban has sold most of his Bitcoin (BTC). Meanwhile, Strategy's CEO assessed that the gap between short-term traders and long-term holders has become clearer amidst the artificial intelligence (AI) investment craze.

According to crypto media outlet Benzinga on May 29 (local time), Strategy CEO Phong Le explained Cuban's decision to sell Bitcoin in a Fox Business interview as a trend where skeptical traders, after making profits, move on to find "the next best thing." Cuban, who previously strongly supported Bitcoin as an inflation hedge, reportedly sold most of his holdings, stating it did not serve as the expected defensive asset.

Le said, "There are very skeptical traders, and they look for points to buy Bitcoin. Everyone came in and made money in 2021, and when they looked for the next thing, they got out." Le stated that artificial intelligence is "the next big thing" in the current market, and it is "completely rational" for traders like Cuban to follow this trend.

However, Le drew a line, stating that Strategy's approach to Bitcoin is different from short-term trading. He revealed that Strategy views Bitcoin as "a great long-term store of value" and an asset that provides people with "hope and opportunity." He added, "People who buy and sell Bitcoin and those who go into AI and then move on to the next thing in four years have different reasons for buying Bitcoin."

Strategy continues to expand its Bitcoin holdings. According to Benzinga, Strategy's Bitcoin holdings have grown to 843,738 BTC, with a value exceeding $62 billion. Benzinga reported that as of the time of the report, Strategy's market capitalization was estimated at $53 billion, indicating that its stock was trading below its net asset value.

Benzinga reported that as of the time of the report, Bitcoin was trading at $73,709.36, up 0.75% in the last 24 hours. Strategy's stock closed at $151.64 on Thursday, down 1.66%, but rose 0.76% in Friday's pre-market trading. An assessment also emerged that while short-term and long-term stock trends were sluggish, mid-term returns were robust.

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