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Shark Tank investor and billionaire Mark Cuban says the stars are aligning perfectly for a soaring Bitcoin (BTC) rally and that there’s a chance the flagship crypto could become a global reserve currency.
BTC’s price has the potential to go “way higher” than many in the market think, Cuban said in a July 17 X thread. “Remember, the market for BTC is global,” he wrote, before adding that “the supply has a final limit of 21m BTC, with unlimited fractionalization. “
Silicon Valley Support For Donald Trump Is A “Bitcoin Play”
Cuban also that the “emergence of Silicon Valley support” for former President Donald Trump is a “bitcoin play.”
He added that the endorsement of Trump is not necessarily due to him appearing to be a pro-crypto candidate. Instead, he believes it is because Trump getting elected will make “it easier to operate a crypto business” because it will inevitably lead to the much-needed reshuffling of top personnel at the US Securities and Exchange Commission (SEC).
In terms of BTC’s price, lower tax rates and tariffs could ignite a bullish rally, Cuban predicted. The potential for this “price acceleration” is increased when considering the global uncertainty of the US’s geopolitical role and the dollar’s weakening status as a reserve currency, according to Cuban.
Mark Cuban Says Bitcoin May Become A Global Financial “Safe Haven”
Bitcoin might end up becoming a global “safe haven” if the dollar’s role as a reserve currency continues to fade, the Shark Tank investor said.
People across the globe could subsequently turn to BTC as a means to “protect” their savings, he continued. The possibility of BTC becoming a “global currency” is “somewhere above zero, ” Cuban added.
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
To prove the idea of BTC becoming the new global reserve currency is not so far-fetched, Cuban said that people in countries with hyperinflation have already turned to Bitcoin to preserve their capital.
One example is Argentina, which has an annual inflation rate of 276%. This has resulted in citizens seeking refuge in digital currencies.
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