Mark Cuban Won’t Invest in Bitcoin ETF – “I Can Buy BTC Directly”
Mark Cuban, the Shark Tank star and owner of the NBA team Dallas Mavericks, is not very interested to invest in bitcoin-based exchange-traded funds (ETFs). The U.S. SEC approved the first Bitcoin futures ETF making bitcoin accessible to wider investor base. However, Cuban sees no reason for him to invest in an ETF, as he can buy and hold crypto directly.
The pro-crypto investor shared his thoughts on the heavily hyped bitcoin exchange-traded funds (ETFs). The first bitcoin futures ETF could begin trading in the country as early as next week.
For Cuban investing through an ETF doesn’t really make sense, and he is not planning to invest in a bitcoin ETF or a bitcoin futures ETF when one starts trading on an American exchange. In an interview with CNBC, when asked whether he plans to invest in any bitcoin-based ETF, the Cuban replied:
“No. I can buy BTC directly.”
Cuban, who has been pro-crypto for quite some time, has previously called bitcoin “better gold than gold” due to its algorithmic scarcity, seeing the cryptocurrency as a store of value rather than a currency. In April 2021 he said:
“That’s why I own bitcoin and why I never sold it.”
Earlier he revealed his crypto holdings to include ether (ETH), dogecoin (DOGE) along with nearly 100 altcoins, non-fungible tokens (NFTs), and a number of blockchain companies. He shares Tesla CEO Elon Musk’s view on dogecoin as the “strongest” cryptocurrency for payments.
As for cryptocurrency regulation, Cuban believes that the rules are unclear and has publicly criticized the SEC for taking an enforcement-centric approach to regulating the crypto industry. He earlier said:
“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.”
While futures-based bitcoin ETFs provide investors with some exposure to the crypto market without actually owning any coins, Todd Rosenbluth, director of ETF and mutual fund research at CFRA, explained:
“The ETF price will not match the price of bitcoin. As such, it is likely better for short-term exposure than for buy and hold long-term investing.”
