- Cuba Says Bitcoin Could Become Global Reserve Currency Amid Inflation Pressures and Geopolitical Uncertainty
- Billionaire believes Bitcoin price could soar as Trump cuts taxes and tariffs
- Elon Musk Plans to Invest $45 Million a Month in Supporting Trump’s Presidential Run
American billionaire Mark Cuban believes that inflation pressures and geopolitical uncertainty could combine to create Bitcoin as a global reserve currency.
Moving on to X, the billionaire said Silicon Valley’s support for former President Donald Trump was a “bitcoin play” to drive up the price of bitcoin. Cuban, who supported Joe Biden’s reelection, said lower taxes and tariffs under Trump could boost the price of bitcoin.
“When you combine global uncertainty about the U.S.’ geopolitical role and its impact on the U.S. dollar as a reserve currency, the conditions for a BTC rally could not be better,” Cuban wrote.
He added that “the inevitable and necessary changes to the SEC will make it easier to run a cryptocurrency business.”
How high?
Asked how high Bitcoin could go, Cuban did not give a specific figure, but wrote that it was “much higher than we think,” adding that this was due to Bitcoin’s global status, the 21 million Bitcoin cap, and the fact that the currency is infinitely divisible.
In Cuba’s view, if geopolitical uncertainty persists and the dollar declines as a reserve currency, Bitcoin could become a safe haven as many countries look to it to protect their savings.
He added that this was only a possibility, not that it would actually happen, but that it has already happened in countries facing hyperinflation.
After Trump was injured in an assassination attempt during a campaign rally in Pennsylvania, Musk formally endorsed the former Republican president, saying he planned to donate $45 million a month to a new top political action committee supporting Trump’s presidential bid.
In March, billionaire Elon Musk said he would not vote Democratic in November. In addition to X, the tech mogul, who owns Tesla and SpaceX, wrote, “I voted 100% Democrat until a few years ago. Now I think we need a red wave or America will be screwed.”