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Calling something a “Hail Mary” is usually a good sign that things could end brilliantly or blow up in your face.
That’s exactly how billionaire entrepreneur Mark Cuban described Bitcoin while discussing wealth-building to Vanity Fair in 2017.
He wasn’t pitching cryptocurrency as a guaranteed path to wealth. He was pitching it as a long shot.
“If you’re a true adventurer and you want to throw the Hail Mary, you might take 10% and put it into Bitcoin or Ethereum,” Cuban said.
But the warning attached to the advice was just as important.
“If you do that you’ve got to pretend you’ve already lost your money,” he said.
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Cuban compared cryptocurrencies to collectibles such as art, baseball cards and shoes, arguing that they’re only worth what someone else is willing to pay. In other words, this wasn’t a retirement strategy. It was a speculative bet that belonged on the edge of a portfolio, not at the center of one.
Fast-forward nine years, and Cuban is no longer talking about Bitcoin as a potential digital version of gold.
He’s talking about why it disappointed him.
Bitcoin Was Supposed To Be The Hedge
“This might get some people upset: I think Bitcoin has lost the plot.”
That was Cuban’s assessment in a clip from Front Office Sports’ “Portfolio Players” podcast posted to X last month.
Cuban said he originally bought Bitcoin because he believed it could serve as an alternative to traditional currencies and potentially act as a better hedge than gold during periods of economic uncertainty.
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“When I started buying Bitcoin — and I’ve sold most of it — it was because when all the sh*t hit the fan with the Iran war, Bitcoin was always the best alternative to fiat currency losing its value, and I always thought it was a better version of gold than gold,” he said.
Instead, he said the results didn’t match those expectations.
“Well, gold just blew up and went to $5,000; Bitcoin dropped,” Cuban said.
He said Bitcoin was “not the hedge that I expected it to be,” which he found disappointing.
While Cuban said he remains less disappointed in Ethereum than Bitcoin, his comments marked a notable shift from the investor who once viewed Bitcoin as a potential replacement for gold.
The Bigger Lesson Is About Diversification
What’s striking is that Cuban’s original advice anticipated the possibility that Bitcoin might not work out.
He never suggested putting an entire portfolio into cryptocurrency. He suggested taking a small speculative position and treating the money as though it were already gone.
That’s a very different message than many investors heard during crypto’s boom years.
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Today, the debate over where to put money during uncertain times remains as active as ever.
Some investors prefer stocks. Others lean toward bonds, real estate or cash. Many continue to see physical gold as a store of value because of its long history as a hedge during periods of economic and geopolitical uncertainty.
For investors looking to diversify beyond traditional assets, physical precious metals remain one option worth considering. Companies such as American Hartford Gold help investors purchase physical gold and silver or roll over eligible retirement assets into precious-metals IRAs, providing another avenue for those seeking diversification.
The most interesting part of Cuban’s latest comments isn’t that he changed his mind.
It’s that he planned for the possibility all along.
A Hail Mary, after all, is still a Hail Mary.
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Building Wealth Across More Than Just the Market
Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.
Arrived
Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.
Immersed
Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.
Vinovest
Fine wine and rare whiskey have historically moved independently of the stock market, making them a compelling alternative asset. Vinovest manages authenticated, insured portfolios of investment-grade wine and whiskey starting at $5,000 — sourcing, storage, and insurance all handled for you.
EnergyX
EnergyX is a clean energy technology company focused on direct lithium extraction and refinery technologies for the lithium-ion battery supply chain. Its proprietary DLE systems are designed to recover lithium from brine resources more efficiently and with less environmental impact, supporting efforts to expand lithium supply for electric vehicles, grid-scale storage, and other battery applications.
FarmTogether
Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.
EquityMultiple
For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.
Fundrise
Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.
American Hartford Gold
American Hartford Gold is a precious metals dealer that helps clients buy physical gold and silver coins and bars, either for direct delivery or within self-directed precious metals IRAs. The company’s services include gold and silver IRAs, IRA rollovers, and home delivery of bullion, giving investors a way to use tangible metals to diversify portfolios and seek protection against inflation and market volatility.
Image: Imagn
This article Mark Cuban Said If You Want To Get Rich, Throw A ‘Hail Mary’ With 10% In Bitcoin And Pretend You Lost It — 9 Years Later, He Says It ‘Lost The Plot’ originally appeared on Benzinga.com
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