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Mark Cuban Won’t Invest in Bitcoin ETF, Prefers to Buy BTC Directly

Mark Cuban Won't Invest in Bitcoin ETF, Prefers to Buy BTC Directly

The owner of the NBA team Dallas Mavericks, Mark Cuban, has said “no” to investing in bitcoin-based exchange-traded funds (ETFs), one of which could start trading next week in the U.S. The Shark Tank star does not see a reason for him to invest in a bitcoin ETF, emphasizing that he can buy the cryptocurrency directly.

Mark Cuban Says No to Bitcoin ETF

The Shark Tank star and owner of the NBA team Dallas Mavericks, Mark Cuban, has shared his thoughts on the heavily hyped bitcoin exchange-traded funds (ETFs). While the U.S. Securities and Exchange Commission (SEC) has yet to approve a bitcoin ETF, the first bitcoin futures ETF could begin trading in the country as early as next week.

However, Cuban is not planning to invest in a bitcoin ETF or a bitcoin futures ETF when one starts trading on an American exchange. Responding to a question in an interview with CNBC, published Friday, whether he plans to invest in any bitcoin-based ETF, the shark tank star bluntly replied:

No. I can buy BTC directly.

Cuban has been in the crypto space for quite some time. He previously called bitcoin “better gold than gold” due to its algorithmic scarcity, seeing the cryptocurrency as a store of value rather than a currency. He said in April:

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

The owner of the Dallas Mavericks also previously revealed that he had invested in ether (ETH), dogecoin (DOGE), non-fungible tokens (NFTs), and a number of blockchain companies. He and Tesla CEO Elon Musk see 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. “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 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.

What do you think about Mark Cuban’s comments? Let us know in the comments section below.

Bitcoin Shows Bearish Signs, Risk of Breakdown Below $56K

Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term. Bitcoin is struggling to move above the $58,000 and $58,500 levels. The price is just trading above $57,000 and the 100 hourly simple moving average. There was::Listen

Bitcoin failed again to clear the $58,500 resistance against the US Dollar. BTC is declining and it might accelerate lower below the $56,000 support in the near term.

  • Bitcoin is struggling to move above the $58,000 and $58,500 levels.
  • The price is just trading above $57,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if there is a clear break below the $56,000 support zone.

Bitcoin Price is Struggling

Bitcoin price failed to gain pace above the $58,500 resistance zone. BTC is slowly moving lower from the last swing high at $58,890. There was a break below the $58,000 level.

The price traded below the 23.6% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. Besides, there was a break below a key bullish trend line with support near $57,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now just trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,500 level. The first major resistance is near the $58,000 level.

Source: BTCUSD on TradingView.com

The main resistance is still near the $58,500 level. A clear break above the $58,500 resistance zone could open the doors for more upsides. The next key resistance is near the $60,000 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $61,200 level.

Fresh Drop In BTC?

If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,000 level. The first major support is now forming near the $56,800 level and the 100 hourly SMA.

The next major support is near the $56,000 level. It is near the 50% Fib retracement level of the upward move from the $53,300 swing low to $58,890 high. A downside break below the $56,000 support may perhaps push the price towards $55,500. Any more losses might start a major decline towards $52,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $57,000, followed by $56,000.

Major Resistance Levels – $58,000, $58,500 and $60,000.

Mark Cuban Won’t Invest in Bitcoin ETF, Prefers to Buy BTC Directly

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