Bitcoin trades 2% higher while Ether hits record high – Fox Business

Coin Stories podcast host Natalie Brunell breaks down the short-term downtrend on Making Money.'

Bitcoin was trading 2% higher Wednesday morning.

The price was around $62,800 per coin, while rivals Ether, the world's second-largest cryptocurrency, hit an all time high rising to as high as $4,643, breaching the previous day's $4,600 and taking the week's gains to more than 10%, according to Reuters.

Dogecoin was trading around 27 cents per coin, according to Coindesk.

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The Biden administration is focusing on stablecoins, calling on Congress to pass legislation that would strengthen government regulation.

Stablecoins are a form of cryptocurrency that has soared in popularity in the past year.

It is the focus of a 22-page report issued Monday, the Treasury Department and several other regulators said the legislation should require that stablecoin issuers become banks, which would potentially subject them to a wide range of rules, including those requiring that banks hold sufficient cash reserves and implement measures to prevent money laundering and other illicit activities, according to The Associated Press.

AARON RODGERS TO CONVERT PART OF SALARY INTO CRYPTO: 'BITCOIN THE MOON'

"The absence of appropriate oversight presents risks to users and the broader system," said Treasury Secretary Janet Yellen. "Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter."

"Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter."

U.S. Treasury Secretary Janet Yellen speaks at Winfield House in London, June 5, 2021. (Reuters / Reuters Photos)

Stablecoins are a type of cryptocurrency that is pegged to a specific value, usually the dollar or another currency or gold.

In other cryptocurrency news, ground was reportedly broken on Monday Nov 1 for the construction of a veterinary hospital that El Salvador's President Nayib Bukele says has been funded by bitcoin gains, according to Reuters.

BITCOIN IN EL SALVADOR SPARKS CRYPTO CURRENCY DEBATE

"We are seeing additional benefits such as this veterinary hospital, the schools that I am advertising and, God willing, if the price of bitcoin continues to rise, there will be new infrastructure for the benefit of our people," said Bukele during an official event where he laid the foundations for the clinic.

In September, the Central American country became the first in the world to adopt the cryptocurrency as legal tender.

The hospital is expected to have medical offices, operating rooms, a rehabilitation area and will directly employ 300 people.

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According to the Salvadoran government, this infrastructure project is the first in the world to be generated with profits from bitcoin.

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Bitcoin trades 2% higher while Ether hits record high - Fox Business

Bitcoin price consolidation could be over, says trader as Ethereum, Polkadot hit all-time highs – Cointelegraph

Bitcoin (BTC) is in line for a continuation of its bull run, fresh analysis says, as BTC/USD retains its 2.2% daily gains.

As data from Cointelegraph Markets Pro and TradingViewtracks Bitcoins best day for a week, confidence in higher levels is building.

Earlier Tuesday, Nov. 2, the largest cryptocurrency abruptly exited a sideways trading channel to add almost $2,000 in just over an hour.

Amid calls of a potential breakout, popular trader Pentoshi believes that $62,500 may be buyers only chance to buy the dip.

$BTC any pullback towards 62.5k is a great bid zone to add, he advised Twitter followers alongside an accompanying chart.

With the Wall Street open around the corner, confidence is firmly evident among market participants, with analyst TechDev calling for a march beyond all-time highs of $67,100.

Related:Price analysis 11/1: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA

Ether (ETH), the largest altcoin by market capitalization, saw a fresh all-time high of $4,482 Tuesday, days after its previous record.

The top 10 cryptocurrencies by market cap were led by Polkadot (DOT), up 15% on the day at $52 itself an all-time high after its own October rally.

Bitcoin de facto hit its worst-case scenario monthly close for October, thus remaining on course to see almost $100,000 by the end of this month.

Bullish sentiment is also coming from a resurgent altcoin sphere.

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Bitcoin price consolidation could be over, says trader as Ethereum, Polkadot hit all-time highs - Cointelegraph

Discussing The Future Of Bitcoin ATMs: "Every ATM In The World Can Sell Bitcoin" – Bitcoin Magazine

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In this episode of the "Bitcoin Magazine Podcast," host Christian Keroles was joined by Dave Bradley, the founder of Bitcoin Brains, cofounder of Bull Bitcoin and chief revenue officer at Bitcoin Well.

Bradley is a Bitcoin OG and he broke down how he first got into Bitcoin, and then moved into all the things going on at Bitcoin Well, such as white-glove Bitcoin services, a non-custodial Bitcoin wallet, and its Bitcoin ATM software.

I think theres maybe 28,000 Bitcoin ATMs in the world and about half of those were deployed in 2021. Theyre exploding, especially across North America," Bradley said. "Were going to get to a point where every ATM in the world can sell bitcoin, fairly soon.

The discussion finished with talk of bitcoin price action, cycles and the future of Bitcoin. Enjoy this conversation with one of Bitcoin's very notable entrepreneurs!

The big step that youre talking about is eventually we put ourselves out of business, right, because nobody has any more dollars!" Bradley said. "In the meantime, were working to build as many ways we can for people to get that money into bitcoin.

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Discussing The Future Of Bitcoin ATMs: "Every ATM In The World Can Sell Bitcoin" - Bitcoin Magazine

Bitcoin and Ethereum To Trigger Liquidity Vacuum on Altcoins in Short Term: Crypto Analyst – The Daily Hodl

Traders should focus on Bitcoin (BTC) and Ethereum (ETH) right now, according to two popular crypto analysts.

Writing in the latest TechnicalRoundup newsletter, the pseudonymous traders known as Cred and DonAlt say the top two crypto assets by market cap both still look good after recently surging to new all-time highs [ATHs].

The market retested and closed above the all-important weekly support at $58,000. The technicals are bullish.

According toCoinGecko, Bitcoin is trading at $62,467 at time of writing, down about 7% from its October 20th all-time high of $67,276.

Ethereum is trading at $4,572 at time of writing and is down about 2% from its ATH of $4,674, which it hit on Wednesday.

In terms of BTCs worst case scenario, Cred and DonAlt say that if the breakout doesnt stick, traders should look for strength around $50,000. If Bitcoin were to lose that level, they think BTCs uptrend would be over.

But they think Bitcoin looks strong, and recommend traders look for clean, round numbers like $70,000 or $80,000 in terms of targets for a move higher. The analysts also note traditional markets arent presenting Bitcoin with volatility risk.

The S&P 500 is steadily making new highs, so the likelihood of correlated weakness as a result of traditional markets tumbling is reduced. While the lack of momentum has some participants concerned, its hard to be bearish above support and at the all-time high. We will change our minds if the evidence changes.

DonAlt and Cred are less bullish on altcoins in the short term, however.

Our attitude towards altcoins is lukewarm at best given the majors are on the move. We expect Bitcoin and Ethereum volatility to create a liquidity vacuum of sorts among altcoins, at least in the short term.

Long altcoins = short Bitcoin/Dollar (and Ethereum/Dollar) volatility. Therefore, in our view, positioning for strength in altcoins as the majors are making new all-time highs is not the most attractive bet in the market.

Read the full newsletter here.

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Bitcoin and Ethereum To Trigger Liquidity Vacuum on Altcoins in Short Term: Crypto Analyst - The Daily Hodl

Coinbase testing a new subscription for commission-free bitcoin trading – BGR

Coinbase is one of the most popular exchanges on which to buy and sell bitcoin and other cryptocurrencies. The company enjoyed massive success this year thanks to the exploding popularity of bitcoin and other digital assets. Coinbase went public earlier this year and announced new initiatives for customers in recent months. One of them is the lending product that Coinbase eventually had to abandon. But thats not the only exciting new product coming out of the exchange. Coinbase is currently testing a subscription service that will let customers trade bitcoin and other digital tokens without paying a commission to Coinbase. Coinbase could include additional perks like 24/7 customer support and insurance against hacks in the Coinbase One product.

A few weeks ago, Bitcoin reached a new all-time high, nearing $67,000 per coin after a slump that lasted a few months. The previous record came in mid-April. Thats to say theres renewed enthusiasm and plenty of interest in the cryptocurrency space. Its not just bitcoin thats shattering records, as other digital tokens reached new highs. And some scams emerged along the way.

Coinbase is a place where traders can safely buy and sell tokens, but they have to pay a commission to Coinbase for each transaction. That might change in the future if the Coinbase One subscription program is successful.

The Block first reported on Coinbases new pilot program. The company is yet to make the subscription service available to all of its customers but has confirmed the tests:

Coinbase has started testing a subscription product for our customers. Customers in the test group will have the ability to buy, sell, and convert digital currencies on the Coinbase platform without a Coinbase fee for each trade (spread fees still apply). Were always looking to learn more about how we can best serve our customers in different ways. Right now we are still in early stages so everything about the future product experience will be shaped by the feedback we receive from our users.

People who conduct a lot of trades on the platform might find that paying a monthly subscription might be a better deal than paying fees for each transaction.

People who conduct a lot of trades on the platform might find that paying a monthly subscription might be a better deal than paying fees for each transaction. But the Coinbase One price hasnt been disclosed. Its unclear what Coinbase would charge customers each month. On the other hand, Bloomberg notes that analysts expect Coinbase to target customers who dont trade as much, to protect its revenue from those who conduct a lot of trades on the platform.

But the subscription service will come with additional perks. Subscribers will get prioritized phone support even on holidays and weekends. More interestingly, Coinbase One will provide a safety net against hacks. Hackers routinely target individuals looking to steal their crypto holdings. A screenshot of the Coinbase subscription program indicates that the company will reimburse some losses:

If any funds in your Coinbase account are stolen by someone you dont know due to an account takeover, you may be eligible for a reimbursement of up to $1 million in losses.

Dropping fees in favor of a subscription might make sense when it comes to competing against Robinhood. The exchange already offers commission-free trading and a monthly subscription called Robinhood Gold that offers buyers additional perks. But Bloomberg explains that there might be a different reason for the Coinbase subscription to exist.

A subscription model would bring more predictability to Coinbase. The exchange cant issue forward guidance to investors because its revenue fluctuates. The more users trade on the platform, the more money it might make. But the high volatility in the crypto space means no two days are alike, let alone an entire quarter. The upcoming earnings call might reflect that.

Analysts expect the company to report a double-digit sequential decline for the third quarter that followed a drop in trading. Thats because bitcoin and the entire crypto ecosystem went through a slump during most of the July-September quarter.

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Coinbase testing a new subscription for commission-free bitcoin trading - BGR

Bitcoin’s Unknown Creator Satoshi Nakamoto Is Now the 20th …

In mid-April the creator of the Bitcoin network, Satoshi Nakamoto entered the worlds top 20 richest billionaire list but after bitcoins price dropped, the inventors wealth plummeted. This week, Nakamoto has once again joined the top 20 richest people on the face of the earth. The last time, Nakamoto made the 19th position, and this time around, Bitcoins inventor is now the 20th richest person(s) on the face of the planet.

The leading crypto asset bitcoin (BTC) has skyrocketed past the $60K handle and tapped a high of $62,945 on Friday. Using todays exchange rate and the estimated stash of bitcoin Satoshi Nakamoto reportedly owns, indicates that Bitcoins inventor is the 16th richest person or persons worldwide. The last time Bitcoin.com News reported on this subject, Nakamoto climbed from the 159th richest person in the globe to the 19th in a mere five months. Using todays BTC exchange rates on October 17, 2021, six months later, Nakamoto is now the 20th richest person(s) worldwide.

The reason why people assume Satoshi Nakamoto owns all this wealth, is because it is estimated that Bitcoins inventor owns around 1 million BTC. Of course, there are lower-bound estimates which say the inventor only collected 750,000 BTC and then upper-bound estimates that assume Nakamoto has more than 1.1 million BTC. The crypto community at large assumes that Nakamoto has around 1 million bitcoin and because he, she or they acquired it during the first year of BTCs existence, the inventor owns all the forks tied to the stash as well.

This means that on October 17, 2021, Nakamoto owns roughly $60.7 billion in bitcoin (BTC), $625 million in bitcoin cash (BCH), $169 million in bitcoinsv (BSV), and $191 million in ecash (formerly known as BCHA or Bitcoin ABC). Thats a grand total of $60.9 billion between those four networks which places Bitcoins inventor at the 20th position in Forbes real-time billionaires list. Satoshi Nakamoto is above the net worth of Zhang Yiming, the billionaire from China. However, Nakamotos wealth is below the worlds 19th richest as Walmarts Rob Walton has around $75.3 billion to his name.

Whats pretty amazing is that one of the worlds 20 richest people in the world is the mysterious inventor of Bitcoin. A person or group of people that have yet to spend a single penny of the $60.9 billion worth of crypto assets. Some people assume that Nakamoto may have passed away and this is why the inventor has never and will never spend the stash of 1 million coins collected when the creator kick-started the BTC network. However, Nakamoto may still be alive and may still have access to these riches.

Bitcoins inventor still has to catch up to the worlds two richest people which include Elon Musk and Jeff Bezos respectively. Musk has around $214.8 billion in wealth today according to Forbes real-time billionaires list and Jeff Bezos owns around $197.8 billion. In order to overtake Musks net worth, a single BTC will need to be valued at over $215K per unit. If BTC taps $100K this year, Bitcoins inventor will be in the top 10 richest person(s) list next to Warren Buffet and Mukesh Ambani.

What do you think about Bitcoins inventor Satoshi Nakamoto becoming the 20th richest person(s) on planet earth? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin's Unknown Creator Satoshi Nakamoto Is Now the 20th ...

As bitcoin soars in value again, here’s what to think about before you buy – CNBC

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It's been a good week for bitcoin, and it just got even better.

With the first bitcoin futures exchange-traded fund debuting on the New York Stock Exchange on Tuesday, the cryptocurrency was trading at more than $66,000 on Wednesday.

That's a record: the highest the digital coin has ever gone before was in April, at $64,899.

As a result, temptations to buy bitcoin may be growing, too.

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Before you do, though, here are some useful things to consider, according to experts.

Stories of bitcoin millionaires. The fact that the digital coin's value went from essentially nothing to top $64,000 in under a decade.

Hearing this, of course that makes many people have a fear of missing out, or "FOMO."

Investors often fall prey to the social bias of "herding," said Kent Baker, a finance professor at American University. In other words: They do what the crowd does, believing that everyone else must know more than they do and that there's safety in numbers.

"Generally, such investors are wrong on both counts," Baker said.

In reality, the other people in the crowd are putting the same blind faith in everyone else, with just as little to back it up.

Trying to understand a digital asset's fundamental valuation is "very tricky," said Bruce Mizrach, an economics professor at Rutgers University's School of Arts and Sciences.

With most stocks, he said, you can at least get a price-earnings ratio, which tells you what investors are willing to pay for a company for every dollar of its earnings. That figure can help you determine if a company is over- or undervalued.

You're more in the dark with bitcoin.

By the time most individual investors get into a rising investment, it's often too late.

Kent Baker

finance professor at American University

"The rise in the cryptocurrencies is reminiscent of the early stages of the internet bubble, with investors trying to evaluate stocks without earnings," Mizrach said.

Most investors can explain what a bubble is: It's what happens when a good's price far exceeds its real value. And many of those considering buying bitcoin probably suspect that it's largely speculation and hype that's driven the price so high.

But people buy assets even when they know they're overvalued, "because they expect prices to go even higher," Mizrach said.

And, he said, "they all believe that they can exit before the bubble crashes."

Just remember: that's what everyone else is thinking.

"By the time most individual investors get into a rising investment, it's often too late," Baker said.

All that being said, investors would be mistaken to ignore the rise of cryptocurrencies, said Douglas Boneparth, certified financial planner and president of Bone Fide Wealth in New York.

"It's definitely a bad idea to stick your head in the sand and assume this is nothing," Boneparth said. "The reality here is you're watching an entire decentralized financial system being built before your eyes."

He recommends people educate themselves as much as possible on the technology, and then they can determine if they should be invested in digital currencies and if so, how much.

For many, the standard advice from financial experts is not to put more than 1% to 5% of your money into the assets will hold true. Meanwhile, others may find their conviction in the innovation and tolerance for risk allows for more.

Have you recently bought bitcoin for the first time? If you'd be willing to share your experience getting into cryptocurrencies for an upcoming story, please email me at annie.nova@nbcuni.com

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As bitcoin soars in value again, here's what to think about before you buy - CNBC

Bitcoin just hit an all-time high of over $66,000but it’s ‘the least ideal time to buy,’ one expert says – CNBC

Bitcoin, the largest cryptocurrency by market value, hit an all-time high on Wednesday.

It topped $66,000 on Wednesday morning, surpassing its previous record of $64,899 set in mid-April, after the first U.S. bitcoin futures exchange-traded fund made its market debut on Tuesday.

It's an exciting time for both cryptocurrency and the market overall, and investors might be wondering whether or not to buy in.

But at least one financial expert says to hold off.

"Usually when an investment hits an all-time high, that is the least ideal time to buy," Anjali Jariwala, certified financial planner, certified public accountant and founder ofFit Advisors, tells CNBC Make It. "I think it makes sense to wait and see what happens versus buying at an all-time high," she says.

In this case, that's mainly due to bitcoin's history of extreme volatility, Jariwala says. Like all cryptocurrencies, it is susceptible to big price swings.

However, not all financial experts agree.

"It's still a good time to buy," Ivory Johnson, certified financial planner, chartered financial consultant and founder of Delancey Wealth Management, tells CNBC Make It.

That's because interest in the new futures-based bitcoin ETF "shows that bitcoin is being increasingly adopted," he says. He predicts that as more people adopt bitcoin, the price will continue to go up exponentially.

"As institutional products make bitcoin easier to buy, and investors are comfortable that it is appropriately regulated, there is a greater likelihood of more demand," Johnson says.

Johnson also says that "it's a good environment for digital assets" right now because bitcoin supporters see it as a store of value and a hedge against growing concern over inflation. He argues that as the price increases, bitcoin becomes more valuable, making now a good time to buy in despite the high price.

However, remember that it's always risky to invest in cryptocurrency due to its volatile and speculative nature, Jariwala says. There's a possibility you could lose your entire investment.

But if you're still interested in investing, Jariwala suggests considering a buy and hold strategy. Rather than attempting to trade in the short-term, this strategy promotes holding an asset long-term. And again, only invest an amount you can afford to lose, she says. That way, the huge price fluctuations surrounding bitcoin will be easier to stomach.

"The one thing we can be certain about when it comes to bitcoin, and crypto in general, is that there will be volatility," Jariwala says.

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Don't miss: Mark Cuban says he won't invest in a potential bitcoin futures ETF: 'I can buy directly'

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Bitcoin just hit an all-time high of over $66,000but it's 'the least ideal time to buy,' one expert says - CNBC

Weekend reads: Should you invest in a bitcoin ETF? – MarketWatch

A groundbreaking development in exchange traded funds this week has Mark DeCambre, the author of the ETF Wrap column, answering an important question: Should you buy a bitcoin ETF?

The ProShares Bitcoin Strategy ETF BITO, -3.23%, the first ETF listed in the U.S. that is tied to the price movement of bitcoin BTCUSD, +1.29%, is actively managed and began trading on Oct.19. But it didnt take very long for new competition to arrive, as the Valkyrie Bitcoin Strategy ETF BTF, -2.80% followed on Oct. 22.

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But Musk and Bezos have something else in common, which may point the way to a trillion-dollar nest egg for Musk, according to Adam Jonas, Morgan Stanleys head of global auto and shared mobility research.

Teslas share price rose 9% for one week through Oct. 21. The company said on Oct. 20 that its electric-vehicle deliveries during the first three quarters of 2021 had roughly doubled from a year earlier, and it reported record revenue and earnings for the third quarter despite supply shortages.

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Retirees John and Susan Pazera seem to move every three years: to Boquete, Panama, then Medellin, Colombia, the city once know for violent drug cartels, and now a small town. Silvia Ascarelli explains how they have done it and breaks down breaks down the costs and requirements of making a similar move.

The How to Invest series continues, as Mark Hulbert discusses investors fear of the bond market. Since bonds market prices move in the opposite direction of interest rates, its easy to conclude you shouldnt hold any bonds as rates are going up. Hulbert explains why everyone should have at least some bonds in their investment portfolios.

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Some investors can already select ESG mutual funds or ETFs if they make a special effort to do so. But the ESG label alone may not be enough to make a decision in line with your interests or beliefs.

Alessandra Malito explains how to make your own ESG investment decisions.

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Facebook Inc.s FB, -5.05% reputation has taken some hits of late, and there have been reports that the company is considering a name change as part of a rebranding effort. The prospect of a name change led to a predictable flurry of creative Twitter postings. On a more serious note, Mark Hulbert looks into how companies share prices perform after they change their names.

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Weekend reads: Should you invest in a bitcoin ETF? - MarketWatch

Mark Cuban says that bitcoin will be ‘the safe haven of crypto’ with one ‘huge advantage’ – CNBC

To billionaire investor Mark Cuban, bitcoin has a major edge over other cryptocurrencies.

It has "a HUGE advantage" in that it has "ZERO competition" as a store of value, Cuban tweeted on Saturday. Cuban even calls bitcoin "the best store of value on the market."

In his opinion, that's due to its algorithmic scarcity, which makes bitcoin limited in supply by design. Because of this, Cuban sees bitcoin as an asset that will appreciate as demand increases. He has previously compared it to gold, even saying that bitcoin is a better store of value than gold.

The "Shark Tank" investor and Dallas Mavericks owner is so bullish on bitcoin that he predicts that it, along with Ethereum, will be viewed as "safe havens" in crypto in the future, meaning that bitcoin will be seen as an asset that will keep its value or grow in value, even when the overall crypto market faces turbulence.

But despite Cuban's comments, keep in mind that financial experts generally consider cryptocurrency risky, volatile and speculative, and warn that investors should only invest what they can afford to lose.

Cuban's thread of tweets came after he debated the use cases of bitcoin and Ethereum, among other things, with bitcoin maximalists on Twitter. They agreed on a few things, but some of Cuban's thoughts were met with pushback.

Bitcoin maximalists view the bitcoin blockchain as a decentralized, peer-to-peer financial system that has the potential to replace traditional financial systems. They view the cryptocurrency as both a medium of exchange and a hedge against inflation.

But Cuban said that, in his opinion, bitcoin is "not a cure for any financial system" and "it's not a hedge to anything." While Cuban sees bitcoin as a store of value that will appreciate, he doesn't view it as a medium of exchange or as a currency that will be be used commonly for transactions, due to factors like taxes and fees.

And although Cuban has invested in both bitcoin and ether, he said that he likes ether more.

That's because "I can see an unlimited number of applications that will change the biz/consumer world forever," Cuban said. "And to use them you need to buy Eth ... BTC doesn't have that demand pull."

By this, Cuban is referring to the smart contracts, or collections of code, on the ethereum blockchain that power decentralized finance, or DeFi, applicationsand nonfungible tokens, orNFTs. To him, smart contracts "really changed everything" in the crypto space.

In fact, when asked what cryptocurrency he'd suggest for beginners or new investors in the space, Cuban previously told CNBC Make It that "as an investment, I think ethereum has the most upside."

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Mark Cuban says that bitcoin will be 'the safe haven of crypto' with one 'huge advantage' - CNBC