With Joe Biden stepping down from the presidential race due just a month before the Democratic convention and four months before the election, Bitcoin may become a bigger election issue than it already may be. It’s already been made somewhat clear when looking at data, that crypto policy could be a key platform component, as 1 in 5 Americans now owns some sort of digital asset. This is a large enough percentage to be a swing vote topic.
Previously, Biden had been down on crypto, with Trump seeing a lot of support thanks to his pro-Bitcoin stance. But with Biden stepping down, and Vice-President Kamala Harris as a frontrunner to take the nomination, it will be interesting to see if the Democratic party now comes out as more pro-crypto than it has seemed thus far.
Mark Cuban: Bitcoin Will Go “Way Higher Than You Think”
Mark Cuban, the well-known billionaire and entrepreneur who owns the Dallas Mavericks basketball team, took to social media on July 17th to speculate on what he thinks may happen for Bitcoin.
He noted that the Republican pro-Bitcoin stance isn’t actually what he expects to drive the price of Bitcoin up. Rather, it’s Trump’s promises to lower tax rates and tariffs, which would likely increase inflation and therefore create even more of a case for Bitcoin as a hedge/reserve currency.
Is He Right? Geopolitical Instability and Inflation Play Key Role
One of the main things that Cuban points out is that Bitcoin’s market is global, and not limited to the confines of the US. That, in combination with its fixed supply, gives it a chance to go extremely high long term.
As more and more money is printed, both in the US and abroad, the value of everyone’s savings is steadily declining, as are their savings. If Bitcoin can truly become a safe haven investment for those with inflationary currencies as it already is for those in places like Turkey, Venezuela, and Argentina, then the sky’s the limit.
Closing Thoughts
The reality is that the USD has been holding its head above water thanks to its role as the global reserve currency, but it’s not very sound monetary policy. There is more than 10 times the amount of USD circulating today compared to 15 years ago, and yet it’s not hard to see that wages have stayed the same while everything else has increased in price.
As purchasing power reduces and inflation continues to run rampant, as one might expect it will, then there isn’t much reason for Bitcoin to not be a key issue in the upcoming election.
