The proprietor of the NBA group Dallas Mavericks, Mark Cuban, has mentioned “no” to investing in bitcoin-based exchange-traded funds (ETFs), certainly one of which may begin buying and selling subsequent week in the U.S. The Shark Tank star doesn’t see a cause for him to make investments in a bitcoin ETF, emphasizing that he should purchase the cryptocurrency straight.
Mark Cuban Says No to Bitcoin ETF
The Shark Tank star and proprietor of the NBA group Dallas Mavericks, Mark Cuban, has shared his ideas on the closely hyped bitcoin exchange-traded funds (ETFs). While the U.S. Securities and Exchange Commission (SEC) has but to approve a bitcoin ETF, the primary bitcoin futures ETF may start buying and selling in the nation as early as subsequent week.
However, Cuban shouldn’t be planning to make investments in a bitcoin ETF or a bitcoin futures ETF when one begins buying and selling on an American change. Responding to a question in an interview with CNBC, printed Friday, whether or not he plans to make investments in any bitcoin-based ETF, the shark tank star bluntly replied:
No. I can buy BTC straight.
Cuban has been in the crypto space for fairly a while. He beforehand known as bitcoin “better gold than gold” due to its algorithmic shortage, seeing the cryptocurrency as a retailer of worth fairly than a foreign money. He mentioned in April:
That’s why I personal bitcoin and why I by no means offered it.
The proprietor of the Dallas Mavericks additionally beforehand revealed that he had invested in ether (ETH), dogecoin (DOGE), non-fungible tokens (NFTs), and numerous blockchain corporations. He and Tesla CEO Elon Musk see dogecoin because the “strongest” cryptocurrency for funds.
As for cryptocurrency regulation, Cuban believes that the principles are unclear and has publicly criticized the SEC for taking an enforcement-centric strategy to regulating the crypto business. “The problem isn’t that people are looking for grey areas, it’s that there rarely are defined rules. Regulation through litigation traps all the people who can’t afford a lawyer, accountant, or advisor,” he opined.
While futures-based bitcoin ETFs present traders with some publicity to the crypto market with out truly proudly owning any cash, Todd Rosenbluth, director of ETF and mutual fund analysis at CFRA, defined:
The ETF worth is not going to match the worth of bitcoin. As such, it’s seemingly higher for short-term publicity than for purchase and maintain long-term investing.
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