Cryptos

Mark Cuban won’t spend money on Bitcoin ETF, prefers to purchase BTC straight

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NBA Dallas Mavericks proprietor Mark Cuban has mentioned ‘no’ to investing in bitcoin-based exchange-traded funds (ETFs), one in every of which may begin buying and selling subsequent week within the US . The Shark Tank star sees no purpose for him to spend money on a bitcoin ETF, mentioning that he can purchase the cryptocurrency straight.

Mark Cuban says no to Bitcoin ETF

Shark Tank star and NBA staff Dallas Mavericks proprietor Mark Cuban shared his ideas on high-profile bitcoin exchange-traded funds (ETFs). Whereas america Securities and Trade Fee (SEC) has but to approve a bitcoin ETF, the primary bitcoin futures ETF may begin buying and selling within the nation as early as subsequent week.

Nonetheless, Cuban doesn’t take into account investing in a bitcoin ETF or bitcoin futures ETF when it begins buying and selling on a US inventory change. Responding to a query in an interview with CNBC, printed Friday, if he was contemplating investing in a bitcoin-based ETF, the shark aquarium star replied bluntly:

No i can purchase BTC straight.

Cuban has been within the crypto area for a while. He beforehand referred to as bitcoin “higher gold than gold” on account of its algorithmic shortage, viewing cryptocurrency as a retailer of worth quite than a foreign money. He mentioned in April:

This is the reason I personal bitcoin and why I’ve by no means bought it.

The Dallas Mavericks proprietor additionally beforehand revealed that he has invested within the ether (ETH), dogecoin (DOGE), non-fungible tokens (NFT) and a variety of blockchain corporations. He and Tesla CEO Elon Musk see dogecoin because the “strongest” cryptocurrency for funds.

In the case of cryptocurrency regulation, Cuban believes the foundations are unclear and has publicly criticized the SEC for taking an method targeted on imposing regulation of the crypto trade. “The issue isn’t that persons are in search of grey areas, it’s that there are not often outlined guidelines. Regulation by way of litigation traps everybody who can not afford a lawyer, accountant or advisor, ”he mentioned.

Whereas bitcoin ETFs based mostly on futures give traders some publicity to the crypto market with out really proudly owning cash, Todd Rosenbluth, director of ETF and mutual fund analysis at CFRA, defined:

The worth of the ETF won’t match the worth of bitcoin. As such, it is most likely higher for short-term publicity than for a long-term purchase and maintain funding.

What do you consider Mark Cuban’s feedback? Tell us within the feedback part under.

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