Billionaire entrepreneur Mark Cuban recently suggested that Bitcoin (BTC) might be on the way to becoming a global reserve asset.
In a July 17 post on X, Cuban pointed out that the rising support for former President Donald Trump among Silicon Valley elites is linked to crypto. "It's a Bitcoin play," he said.
He explained that a Trump presidency could ease the regulatory environment for crypto businesses by bringing the necessary changes to the US Securities and Exchange Commission (SEC), which has been criticized for its stringent policies towards crypto.
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Trump's Vice Presidential pick, Senator James David Vance, who has connections to Silicon Valley, has been a vocal critic of SEC Chair Gary Gensler's strict approach to crypto regulation and has consistently supported the crypto industry throughout his political career.
Cuban also mentioned that Trump's leadership could bring in a period of inflation. "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 a BTC price acceleration," he remarked.
He added that Bitcoin's price could rise much higher than most people expect, pointing out its global market, limited supply of 21 million BTC, and the capability for unlimited fractionalization.
Cuban suggested that if circumstances progress beyond current expectations, there is a chance, however small, that Bitcoin could achieve the status of a global currency.
Thus, while the future is uncertain, the combination of geopolitical shifts and inflation could indeed position Bitcoin as a key player in global finance.
In other news, Cuban has previously stated that Gensler could "literally cost Joe Biden the election."
