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Mark Cuban: Bitcoin Could Be the World’s Reserve Currency

Amid geopolitical uncertainty and the failure of the dollar as a reserve currency, Bitcoin could become a global safe haven, according to billionaire investor Mark Cuban.

This will mean increased demand worldwide for the first cryptocurrency as a means of preserving savings, he added.

“Insanity? This is already happening in countries facing hyperinflation. And if things continue as we currently imagine (and I’m not saying they will, just that the odds are still higher than zero), then BTC will become exactly what the maximalists envision – a global currency,” Cuban wrote.

He also explained why he believes Donald Trump’s potential return to the US presidency will be a stimulating factor for the growth of digital gold.

According to him, the politician’s declared support for Bitcoin does not actually affect the rate. Possible changes will affect the simplification of crypto business due to the inevitable personnel decisions regarding the US Securities and Exchange Commission (SEC), Cuban believes.

“What will impact the price of Bitcoin is lower tax rates and tariffs, which historically (but not always) are inflationary,” he said.

As a result of all these factors coinciding, digital gold could accelerate growth beyond expectations, the investor emphasized.

In May, Cuban suggested that Trump’s support for cryptocurrencies could help him win the election. At the same time, he said that the SEC’s standoff with the industry could hurt support for incumbent President Joe Biden. In June, the billionaire reiterated his opinion on the importance of candidates’ attitudes toward digital assets.

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Source: Cryptocurrency

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