Mark Cuban Believes Bitcoin (BTC) Prices “Will be Way Higher” Than People Think

Cuban made the prediction in a July 17 social media post, where he also shared his thoughts on Silicon Valley's growing support for former President

Billionaire entrepreneur and Dallas Mavericks owner Mark Cuban believes Bitcoin (BTC) prices “will be way higher” than people think, largely due to its growing role as a “safe haven” asset for the world and its limited supply.

Cuban shared his prediction in a July 17 social media post, where he also offered his thoughts on Silicon Valley’s growing support for former President Donald Trump and its connection to Bitcoin.

Trump and Bitcoin

Trump has voiced strong support for the digital assets industry in recent weeks and is set to headline the 2024 Bitcoin Conference later this month. The Republican party has also adopted his pro-crypto stance as the issue becomes increasingly important to voters heading into the November elections.

Meanwhile, the Democrats have continued to lag on their crypto policies, and the Biden administration’s recent decisions, such as vetoing a bill that aimed to repeal a controversial SEC accounting rule, have drawn heavy criticism from industry leaders — many of whom are now openly endorsing Trump.

According to Cuban, the recent show of support from tech leaders may not be primarily due to Trump’s stance on crypto but rather part of a broader strategy to influence Bitcoin’s market environment. He highlighted that lower tax rates and tariffs under a Trump administration could spur inflation, which has historically been favorable for Bitcoin’s price.

Furthermore, Cuban noted that global uncertainty regarding America’s geopolitical role and the ensuing impact on the US Dollar as a reserve currency could create conditions for a substantial increase in Bitcoin’s value.

‘Safe haven’

Cuban suggested that geopolitical uncertainty and a declining dollar might push Bitcoin to become a global “safe haven” for savings, akin to gold during economic turmoil. As trust in traditional financial systems and currencies erodes, individuals and institutions may increasingly turn to Bitcoin as a reliable store of value.

Historically, assets perceived as safe havens, such as gold, have appreciated during times of economic instability. Cuban’s analogy positions Bitcoin in a similar role as gold and believes it will benefit from crises that undermine confidence in fiat currencies.

He pointed out that this trend has already been observed in countries experiencing hyperinflation, where local currencies rapidly lose value. In such scenarios, people often turn to more stable assets to preserve their wealth.

For instance, in countries like Venezuela and Zimbabwe, where hyperinflation has severely devalued local currencies, Bitcoin has seen increased adoption as a hedge against economic instability. The trend can also be observed on a large scale in countries like Pakistan, Lebanon and Nigeria, where people have lost trust in the government’s ability to maintain a stable economy.

According to Cuban, the decentralized nature of Bitcoin, immune to government policy changes and inflation, makes it an attractive option for individuals looking to protect their savings.

As a long-term crypto investor, Cuban’s portfolio includes a significant portion of Bitcoin and investments in Ethereum and other altcoins. He views Bitcoin more as a store of value rather than a currency, comparing it to digital gold. Cuban believes that Bitcoin’s algorithmic scarcity will continue to drive its price higher.

Mentioned in this article

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

News Desk

CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.

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