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Mark Cuban: Only invest in bitcoin if you're prepared to lose your money

Mark Cuban
Eric McCandless | ABC | Getty Images
Mark Cuban

There are some strong opinions when it comes to bitcoin, which has surged seven times in price this year.

Some of the biggest names on Wall Street are starting to embrace the digital currency, including Fundstrat's Tom Lee and value investor Bill Miller, who is running a fund with nearly a third of its assets in bitcoin.

One Dutch family even bet all they have on bitcoin.

Others are not fans at all. JPMorgan Chase CEO Jamie Dimon called bitcoin a "fraud," adding "it's worse than tulip bulbs. It won't end well." Billionaire investor Howard Marks called it a "pyramid scheme."

And then there's the camp occupying the middle ground, who don't say it's the best investment, but also don't say it's the worst investment.

Billionaire Mark Cuban seems to be among that group. As he told Vanity Fair, it's OK to invest up to 10 percent of your savings in high risk investments, including bitcoin and ethereum. You've just "got to pretend you've already lost your money," he said, adding that it's like throwing "the Hail Mary."

Tony Robbins has his own analogy for investing in bitcoin: It's "like going to Vegas," he told CNBC's "Fast Money."

Cuban and Robbins advise only betting on what you can afford to lose. If you win, great; if you don't, at least you only lost discretionary funds.

As for the best way to invest your money right now, go with a cheap S&P 500 SPX fund, says Cuban.

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