Dallas Mavericks, owner of the NBA team, said Mark Cuban said “no” to investing in a Bitcoin-based exchange-traded fund (ETF), one of which could start trading in the United States next week. The reason for him to invest in Bitcoin ETFs, insisted that he can buy cryptocurrency directly.
Mark Cuban says no to Bitcoin ETFs
The Shark Tank star and NBA team owner, Dallas Mavericks, Mark Cuban, shared his thoughts on the widely circulated Bitcoin Exchange-Trading Fund (ETF). Although the US Securities and Exchange Commission (SEC) has not yet approved the Bitcoin ETF, the first Bitcoin Future ETF could start trading in the country early next week.
However, Cubans are not planning to invest in Bitcoin ETFs or Bitcoin Future ETFs when someone starts trading on the American Exchange. In an interview with CNBC on Friday, in response to a question about whether he plans to invest in a bitcoin-based ETF, the shark tank star declined to comment:
No. I can buy BTC directly.
Cuba has been in crypto space for quite some time. He previously called Bitcoin “better gold than gold” because of its lack of algorithms, which saw cryptocurrency as a value store rather than a currency. He said in April:
That’s why I own Bitcoin and why I didn’t sell it.
The owner of Dallas Mavericks also previously revealed that he has invested in Ether (ETH), Dogcoin (DOGE), Non-Fungible Token (NFT) and several blockchain companies. He and Tesla CEO Elon Musk see Dogcoin as a “strong” cryptocurrency for payments.
As for cryptocurrency regulation, Cuban believes the rules are vague and has publicly criticized the SEC for adopting an application-centric approach to controlling the crypto industry. “The problem is not that people are looking for gray areas, there are very few defined rules. Control through litigation detains people who cannot afford a lawyer, accountant or adviser, ”he said.
Although futures-based Bitcoin ETFs provide investors with some exposure to the crypto market without actually owning any currency, Todd Rosenbluth, director of ETFs and Mutual Fund Research at CTFRA, explains:
The price of ETF will not match the price of Bitcoin. As such, it is probably better for short-term exposure than buying and holding long-term investments.
What do you think of Mark Cuba’s comments? Let us know in the comments section below.
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