Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent comments of Billionaire Mark Cuban, and how he stated Bitcoin can go way higher than people think in terms of its price.
Cuban on Bitcoin
Billionaire Mark Cuban has noted on 'X' that he feels Bitcoin's price can go way higher than people believe. In recent days Bitcoin has surged back up towards the $70,000 point, and Cuban noted that its supply of 21 million along with the market for bitcoin being global means that as the power of the U.S. dollar declines then Bitcoin could become "a 'safe haven' globally" and a "global currency."
Cuban noted that Bitcoin could easily enough become what its diehard supports believe - a means "to protect our savings ... It already happens in countries facing hyperinflation." The price has bounced back up over the first half of this year following a difficult 2022 and 2023. This was in part down to the world's largest asset manager BlackRock leading a Bitcoin assault on Wall Street and getting the Bitcoin spot bitcoin exchange-traded funds (ETF) approved by the SEC.
A host of these ETF's have become some of the fastest growing ETFs in history since their January launch, and this has sparked speculation that the Bitcoin price could follow a similar trend to that of gold, which surged in the years following its first ETF. Cuban also noted the growing support for Bitcoin among Silicon Valley founders, investors and executives for Republican 2024 White House hopeful Donald Trump is actually a "bitcoin play."
He noted that while the likes of Elon Musk have officially endorsed Trump, the events which saw the former president's life put at risk during an assassination attempt at a campaign rally in Pennsylvania means a flood of tech founders and investors are now backing Trump. Cuban noted:
"Not because the former president is a far stronger proponent of crypto. 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."
With Joe Biden stepping back from the presidential race and Kamala Harris being endorsed as the democrat candidate, it remains to be seen how the coming months will play out in terms of the presidential race. Much is at stake in terms of who takes the seat in the White House, but many in the crypto space believe Trump is the far better candidate in terms of his stance on cryptocurrency.
Have a great day.
Peace. CryptoGod-1.
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