With Bitcoin’s prominence in the ongoing presidential debate, entrepreneur Mark Cuban has recently discussed BTC and its potential as a global reserve asset. The Shark Tank star and former owner of the Dallas Mavericks noted that the leading cryptocurrency will be immensely important amid continued geopolitical unrest.
Cuban discussed the increased support for Donald Trump from Silicon Valley entrepreneurs. Indeed, he called this pivot “a Bitcoin play.” In a post to X (formerly Twitter), he noted how Trump provides a clearer path to greater crypto regulation. Then, better price performances from the asset class.
Also Read: Mark Cuban Gets into Heated Debate With SEC Official Over Crypto Regulation
Mark Cuban Reinforces Bitcoin’s Importance in Global Climate
The crypto market has never been more important in politics. These assets have become a primary point of contention for the ongoing 2024 presidential election. Moreover, both candidates have stood firm in their position, with one appealing more to the sector.
Amid Bitcoin’s rise in prominence, Mark Cuban has discussed why BTC has potential as a global reserve asset. Specifically, he discussed geopolitical concerns the country is facing, and how the leading cryptocurrency could be set to benefit.
Cuban said Trump endorsements are a Bitcoin play. However, he noted it was “not because the former president is a far stronger proponent of crypto. Thats Nice. But it doesn’t really impact the price of crypto.”
Also Read: a16z Co-Founders Officially Announce Support for Donald Trump
Cuban said a Trump administration, “makes it easier to operate a crypto business because of the inevitable, and required, changes at the SEC.” He added that “lower tax rates and tariffs,” will all drive Bitcoin prices even higher than the levels they reached this year.
“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US dollar as a reserve currency, and you can’t align the stars any better for BTC price acceleration.”
In a follow-up post, Cuban noted how this can drive Bitcoin to become a “‘safe haven’ globally.” He added that this “means BTC could be what countries and all of us look to buy as a means to protect our savings.” The billionaire took it a step further, noting that this is already happening in country’s fighting off hyperinflation.