The billionaire argued that the uncertainty often associated with Trump's mercurial approach toward foreign policy could help drive Bitcoin prices higher.
Billionaire Mark Cuban has suggested that a second Trump administration could drive up Bitcoin prices to new heights.
Cuban, who is a vocal supporter of cryptocurrencies, made the argument in a post on his blog on Monday. He said that lower tax rates and tariffs, as well as uncertainty over Trump's foreign policy approach, could help propel Bitcoin prices higher.
"Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US Dollar as a reserve currency, and you can't align the stars any better for a BTC price acceleration," Cuban wrote.
He added that this could lead to countries and people buying up Bitcoin to protect their savings, ultimately making the cryptocurrency a "global safe haven."
"Part 2 How high can the price go. Way higher than you think," Cuban continued. "Remember, the market for BTC is global. And the supply has a final limit of 21m BTC, with unlimited fractionalization."
Cuban's comments come as Bitcoin prices have surged to new highs in recent weeks. On Monday, the cryptocurrency climbed to a two-week high, topping $62,000, following news of an assassination attempt on Trump.
Trump's campaign has consistently advocated for slashing taxes and imposing tariffs on China and Europe, both of which were his signature economic policies during his first term in office.
But Cuban isn't the only person who thinks a second Trump administration could hurt the US dollar's position as the world's main reserve currency.
In February, the US chair of the Official Monetary and Financial Institutions Forum, Mark Sobel, said that Trump's tax cuts and tariffs would hurt dollar dominance even though Trump has pledged to maintain it.
"Policy and actions speak louder than slogans," Sobel wrote in his paper earlier this year.
To be sure, Trump's position on crypto has changed vastly ever since his first administration. In 2019, Trump said that he wasn't a fan of cryptocurrencies because their value is "highly volatile and based on thin air."
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
But the GOP nominee seems to have revised his opinion on crypto. In an interview with Bloomberg Businessweek published Tuesday, Trump said that the US needs to embrace crypto lest China seize and dominate it.
"Now, if I throw it aside, it's going to be picked up in another country, most likely China — they're pretty advanced in that sphere," Trump said. "I don't want to be responsible for allowing another country to take over this sphere."
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