Mark Cuban Says No to Bitcoin ETF

October 18, 2021

The owner of the NBA team Dallas Mavericks, Mark Cuban, has shared his thoughts on the much-anticipated Bitcoin exchange-traded funds (ETFs). Although U.S. Securities and Exchange Commission (SEC) has not yet approved a Bitcoin ETF, a first Bitcoin futures ETF could possible start trading in the U.S. as early as today.

Nonetheless, the Shark Tank star is not considering to invest in a Bitcoin ETF or a Bitcoin futures ETF if it starts trading on an American exchange. During an interview with CNBC Make IT on Friday, Cuban responded to a question whether he will put his money in any Bitcoin-based ETF. Without hesitation he replied:

“No. I can buy Bitcoin directly.”

Cuban is a familiar face in the crypto space for quite some years and his remarks have made headlines. He previously said Bitcoin to be “better gold than gold” because of its capped supply and considers it rather a store of value rather than a currency. In April he said:

That’s why I own Bitcoin and why I never sold it.

The Dallas Mavericks owner is known for his support of Dogecoin, with his franchise already accepting the meme coin for payments. In fact, himself and Tesla’s Elon Musk believe Dogecoin to be the most suitable cryptocurrency for payments.

Cuban has previously revealed he also has positions in Ethereum, Dogecoin, non-fungible tokens (NFTs), and a number of blockchain companies.

Cuban also believes that there needs to be clarity on the rules and regulations for cryptocurrency. He has publicly criticized the SEC for taking an enforcement-centric approach to regulating the crypto industry. “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 had said.

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Author: Peter Siu

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