Mark Cuban Isn’t Worried About Bitcoin’s Current Price

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Convinced bulls aren’t too worried about bitcoin’s price right now. From a broad market perspective, the major cryptocurrency has been floundering in sideways action for about a month, but that’s only presenting opportunities for “Shark Tank” TV personality and Dallas Mavericks owner Mark Cuban.

Bitcoin is down 60% for the year after a bullish 2021 that saw it hit new highs. Bitcoin has mostly tracked stocks and bonds amid rising inflation and rising interest rates, but as traditional assets strengthened towards the end of 2022, Bitcoin is caught in a sideways move prices.

Right now, bitcoin is trading at just under $17,000, which has bullish investors on edge after surging to nearly $70,000 more than a year ago. However, Cuban isn’t worried in fact, he’s hoping it goes down even further to increase his bet.

I want Bitcoin to go much lower so I can buy more of it, Cuban said during an interview on the Bill Mahers Club Random podcast, as reported by Decrypt.

Gold is a store of value, just like Bitcoin,” Cuban said. If everything went wrong in a hand basket and you had a gold bar, you know what would happen? Someone would beat you or kill you and take your gold bar. It’s useless.

Building Bitcoin Exposure Via Futures Contracts

Bullish investors like Cubans can also build a stake in bitcoin using futures. Specifically, this can be done using a traded index fund (ETF): the ProShares Bitcoin Strategy ETF (BITO).

BITO provides the gateway for investors who want exposure to crypto to diversify their assets, but at the same time want to stay in a safe and regulated market. As the crypto market grows and the government seeks to improve regulatory measures, BITO can give investors the regulated crypto exposure they want.

Additionally, the fund is actively managed, giving investors the peace of mind of knowing that their investments are in the hands of experienced portfolio managers. Bitcoin can be a volatile asset and active management can make portfolio changes on the fly when market conditions warrant adjustment.

BITO is an alternative to gaining decentralized exposure without direct access to the asset. Given the current economic uncertainty and the recent fallout from the FTX crash, now might be a good time to do so.

For more news, insights and analysis, visit the Crypto Channel.

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