American billionaire Mark Cuban has revealed that he will not be investing in bitcoin-based exchange trading funds (ETFs), which could potentially start trading in the US as early as next week.
Buying BTC Directly
Dallas Mavericks owner and Shark Tank star Mark Cuban has talked about the bitcoin exchange-traded funds (ETFs), which have been creating ripples in the market. While the Securities and Exchange Commission is yet to approve a Bitcoin ETF, the first bitcoin futures ETF could start trading in the US as early as next week.
However, Cuban also revealed that he is not planning on investing in a bitcoin ETF, or even a bitcoin futures ETF, through which one starts trading on an American exchange. When asked in an interview with CNBC if he plans on investing in a bitcoin-based ETF, he bluntly replied in the negative, stating,
No. I can buy BTC directly.
BTC Better Gold Than Gold
Cuban is a big supporter of crypto and has been in the crypto space for a significant amount of time. He has referred to Bitcoin as “better gold than gold” due to its in-built scarcity. He also stated that he sees BTC as a store of value rather than a cryptocurrency. He also stated that this is the reason why he owns Bitcoin and doesn’t sell it.
Other Investments
Cuban has previously revealed that he has invested in other cryptocurrencies as well, including Ethereum and Dogecoin. He has also invested in NFTs and several blockchain companies. Along with Tesla CEO Elon Musk, he has often called Dogecoin as the strongest cryptocurrency for payments.
He has also criticized the Securities and Exchange Commission for adopting an enforcement-centric approach when it comes to the regulation of the crypto industry, stating,
“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.”
Ethereum As Crypto Investment
Mark Cuban also revealed that he would advise newcomers in the crypto space to invest in Ethereum, as he believes that to be the cryptocurrency with the most upside as a crypto investment. In an interview with CNBC Make It, he stated,
“As an investment, I think Ethereum has the most upside, And bitcoin is better gold than gold.”
He also talked about other cryptocurrencies such as Dogecoin, calling it the ideal cryptocurrency for beginners to understand how communities in crypto can have a positive impact on the market.
