Home Bitcoin News Not everyone is interested in a new Bitcoin futures ETF

Not everyone is interested in a new Bitcoin futures ETF

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Crypto News

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Mark Cuban stated that he prefers to invest directly in bitcoins.

Billionaire Mark Cuban, owner of the Dallas Mavericks basketball club, part of the NBA, statedthat he will not buy shares of the ETF fund for bitcoin futures, for the launch of which the Securities and Exchange Commission (SEC) gave “tacit” consent. He explained his position as follows: “I can buy bitcoins directly.” Cuban stressed that he is already investing in bitcoins and does not intend to sell the No. 1 cryptocurrency, which he has acquired by the current moment.

Indeed, the Bitcoin futures ETF fund does not give the owners of shares in such a fund the opportunity to own bitcoins. Moreover, this ETF does not invest in bitcoins themselves, but in non-deliverable bitcoin futures, which also do not involve direct investment in cryptocurrency No. 1.

Despite the fact that the Bitcoin futures ETF has attracted a lot of attention in recent days, it is not that the SEC is ready to approve the Bitcoin ETF. Barry Silbert, founder of the parent company for Grayscale Trust, said that he does not advise investors to invest in bitcoin futures ETFs, hinting that he intends to continue asking the SEC to give permission for bitcoin ETFs — this is the kind of fund he would like to turn Grayscale Trust into.

Friends don’t let friends buy and hold futures-based ETFs

— Barry Silbert (@BarrySilbert) October 17, 2021

Be that as it may, the price dynamics of bitcoin currently may turn around in any direction. So, in a letter to investors, the Pantera Capital fund informs about the possibility of a correction in the price of bitcoin, but the organization’s analysts assume that the drawdown in the value of cryptocurrency No. 1 will not amount to more than 80%, noting that the recent downward corrections of the market as a whole were weaker than before.




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