Bitcoin has exploded into the limelight over the last few weeks, with former U.S. president Donald Trump revealing a bitcoin bombshell.
The bitcoin price has rebounded to its all-time highs of almost $70,000 per bitcoin, propping up the wider crypto market including top ten cryptocurrencies Ethereum and XRP, as traders await a huge China flip.
Now, after a leak sparked expectations of a Wall Street bitcoin and crypto earthquake, billionaire investor Mark Cuban has issued a “crazy” bitcoin price prediction.
Cuban pointed to bitcoin’s supply cap of 21 million and the market for bitcoin being global, predicting that if the U.S. dollar declines as the global reserve currency, bitcoin could become “a ‘safe haven’ globally” and a “global currency.”
According to Cuban, bitcoin could become what its most ardent supporters “envision”—a means “to protect our savings … It already happens in countries facing hyperinflation.”
The bitcoin price has rocketed higher over the last year, largely due to the world’s largest asset manager BlackRock leading a bitcoin assault on Wall Street.
A fleet of spot bitcoin exchange-traded funds (ETFs), led by BlackRock’s IBIT fund, have become some of the fastest growing ETFs in history since their January launch, sparking speculation the bitcoin price could follow a similar trajectory to gold, which surged in the years after its first ETF debuted.
Cuban also said he believed the growing support among Silicon Valley founders, investors and executives for Republican 2024 White House hopeful Donald Trump is actually a “bitcoin play.”
Musk officially endorsed Trump over the weekend after the former president was injured during an assassination attempt at a campaign rally in Pennsylvania, joining a flood of other tech founders and investors in backing Trump.
“Not because the former president is a far stronger proponent of crypto,” Cuban wrote. “That’s nice. But doesn’t really impact the price of crypto. It makes it easier to operate a crypto business because of the inevitable, and required, changes at the [U.S. Securities and Exchange Commission] SEC.”
The SEC and the Biden administration have been accused of waging a war against bitcoin and crypto—an idea embraced by the influential Democratic senator Elizabeth Warren.
“What will drive the price of bitcoin is lower tax rates and tariffs, which if history is any guide (and it’s not always ), will be inflationary,” Cuban said. “Combine that with global uncertainty as to the geopolitical role of the U.S. and the impact on the U.S. dollar as a reserve currency, and you can’t align the stars any better for a bitcoin price acceleration.”
Cuban, who’s an outspoken Democrat, supporter of U.S. president Joe Biden and famously said in 2018 he’d rather have bananas than bitcoin, became a bitcoin and crypto convert through the Covid pandemic and has warned that Trump could win the 2024 election due to Biden’s opposition to crypto.
This week, Trump named the pro-bitcoin and crypto former venture capitalist J.D. Vance as his 2024 running mate.
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Trump has leaned into bitcoin and crypto in recent months after making millions from a series of crypto-based digital trading card non-fungible tokens (NFTs) and putting him starkly at odds with the Biden administration’s anti-crypto stance. Trump declared support for crypto in late May and began accepting campaign donations in bitcoin and a handful of other cryptocurrencies.
Sourced from Forbes – report by Billy Bambrough.
