The proprietor of the NBA workforce Dallas Mavericks, Mark Cuban, has stated “no” to investing in bitcoin-based exchange-traded funds (ETFs), one in every of which may begin buying and selling subsequent week in the U.S. The Shark Tank star doesn’t see a motive for him to make investments in a bitcoin ETF, emphasizing that he can purchase the cryptocurrency instantly.
Mark Cuban Says No to Bitcoin ETF
The Shark Tank star and proprietor of the NBA workforce 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 isn’t planning to make investments in a bitcoin ETF or a bitcoin futures ETF when one begins buying and selling on an American trade. Responding to a query in an interview with CNBC, revealed 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 instantly.
Cuban has been in the crypto area for fairly a while. He beforehand known as bitcoin “higher gold than gold” due to its algorithmic shortage, seeing the cryptocurrency as a retailer of worth moderately than a forex. He stated 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 plenty of blockchain firms. 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 method to regulating the crypto trade. “The drawback isn’t that persons are searching for gray areas, it’s that there not often are outlined guidelines. Regulation via litigation traps all of the individuals who can’t afford a lawyer, accountant, or advisor,” he opined.
While futures-based bitcoin ETFs present buyers 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 won’t match the value of bitcoin. As such, it’s seemingly higher for short-term publicity than for purchase and maintain long-term investing.
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