Billionaire and prominent television celebrity, Mark Cuban, has hinted that the 2024 presidential race could be swayed by the influence of cryptocurrency, potentially favoring Donald Trump over Joe Biden.
What Happened: Cuban voiced concerns about both Biden’s and Trump’s grasp of cryptocurrency, The Block reported Monday.
Despite the former president’s $14 millionportfolio, Cuban was unimpressed and remarked, “Do you really think he understands anything about crypto? Beyond saying he made money selling NFTs?”
However, he alluded to the fact that the recent pro-cryptocurrency speech by the Republican candidate could prove to be a game-changer in the forthcoming election.
Cuban reiterated his earlier stance that Biden’s allegiance to SEC Chairman Gary Gensler might cost him the presidency.
Why It Matters: A long-term cryptocurrency investor, Cuban has previously expressed concerns about the SEC’s anti-crypto stance under Biden’s administration. He said that the cryptocurrency vote, particularly from younger and independent voters, could be pivotal in the election outcome.
Meanwhile, Trump has declared himself the “crypto president” after raising $12 million at a San Francisco fundraiser, criticizing Democrats’ attempts to regulate the industry.
With cryptocurrency becoming a key issue for up to 20% of swing state voters, the mouth-watering contest between Biden and Trump could have significant implications for the digital asset market. Analysts at Standard Chartered predict that Bitcoin could reach as high as $150,000 in the event of a Trump victory.
Price Action: At the time of writing, Bitcoin was exchanging hands at $67,882.06, retracing 2.42% in the last 24 hours, according to data from Benzinga Pro.
Photo by Kathy Hutchins on Shutterstock
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