Mark Cuban Considers Bitcoin as a Potential Global Reserve Currency

Amid geopolitical uncertainty and the dollar’s faltering role as a reserve currency, bitcoin could emerge as a global “safe haven,” according to billionaire investor Mark Cuban.

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

This would mean a global increase in demand for the leading cryptocurrency as a means of preserving savings, he added.

“Madness? It’s already happening in countries facing hyperinflation. And if things progress as we currently envision (and I’m not saying they will, just that the probability is above zero), then BTC will become what maximalists suggest—a global currency,” Cuban wrote.

He also explained why he believes the potential return of Donald Trump to the U.S. presidency could be a catalyst for the growth of digital gold.

According to him, the politician’s declared support for bitcoin does not actually influence its price. Possible changes would involve simplifying crypto business operations due to inevitable personnel decisions regarding the U.S. Securities and Exchange Commission (SEC), Cuban believes.

“What will affect the price of bitcoin are lower tax rates and tariffs, which, judging by history (though not always), contribute to inflation,” he stated.

As a result of these converging factors, digital gold could accelerate growth beyond expectations, the investor emphasized.

In May, Cuban suggested that Trump’s demonstrated support for cryptocurrencies might help him win the election. At that time, he stated that the SEC’s confrontation with the industry could negatively impact support for incumbent President Joe Biden. In June, the billionaire reaffirmed his view on the importance of candidates’ attitudes towards digital assets.

Earlier, Ripple CEO Brad Garlinghouse also suggested that Biden could lose due to SEC Chairman Gary Gensler’s policies.