Mark Cuban believes Trump’s re-election won’t directly impact Bitcoin’s price but could benefit crypto businesses due to SEC changes.
Cuban suggests lowering tax rates and tariffs could drive Bitcoin’s price.
He posits that Bitcoin might become a global haven amid economic instability.
Billionaire investor Mark Cuban has shared his thoughts on how a potential Donald Trump re-election could impact the price of Bitcoin. In a series of posts on X, Cuban argued that a Trump presidency could lead to a surge in Bitcoin’s value, but not because of the former President’s stance on crypto.
According to Cuban, a Trump re-election would make it easier to operate a crypto business because of inevitable and required changes at the U.S. Securities and Exchange Commission (SEC), which has notoriously hunted down crypto businesses.
The industry pundit believes lower tax rates and tariffs, which have historically been inflationary, are what would drive Bitcoin’s price higher. Additionally, Cuban expressed that global uncertainty surrounding the U.S.’s geopolitical role and the decline of the U.S. dollar as a reserve currency could make Bitcoin a “safe haven” for investors worldwide.
Part 1 Here is a contrary opinion on the emergence of Silicon Valley support for former President Trump. Which like all my opinions on here, probably won’t be popular. It’s a bitcoin play. Not because the former President is a far stronger proponent of crypto. That’s nice.…
— Mark Cuban (@mcuban) July 17, 2024
Furthermore, Cuban noted that the market for Bitcoin is global, with a limited supply of 21 million BTC and unlimited fractionalization. He suggests that if Bitcoin becomes a sought-after asset for countries and individuals looking to protect their savings, its price could skyrocket.
While Cuban acknowledged that this scenario is not a certainty, he believes it is a possibility worth considering. He stressed that this phenomenon is already occurring in countries experiencing hyperinflation.
Cuban’s comments contradict those who believe that Trump’s re-election would directly impact Bitcoin’s price due to his widely proclaimed support for the crypto industry. Instead, Cuban argues that the underlying economic and geopolitical factors could be the real drivers of Bitcoin’s growth.
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