In an era where business people can achieve incredible power on the political scene, many have pointed towards a possible presidential run for billionaire investor Mark Cuban. This week, Cuban eventually leaned into the talks, explaining that he would only make a run for the White House when Bitcoin crosses $1 million.
Big Bitcoin Jump to Propel President Cuban
Cuban made the admission in a Twitter conversation with Chamath Palihapitiya, a fellow billionaire, and the chief executive at venture capital firm Social Capital. Palihapitiya had tweeted about the fault in the American political system, which is primarily split between two large political parties. Replying to his call for a viable third party in 2030, Cuban asked why political parties are even needed to take the White House in the first place.
Palihapitiya followed up with a tweet asking if Cuban would run, and the Dallas Mavericks owner laid out his requirements. Cuban replied:
“I’ll run if BTC gets to $1m AND we can get commitments to donate 350 BTC to the Treasury each of the 4 yrs so that we can give 1 satoshi to every citizen each yr, that they must hold for 10 years. How’s that sound”
The proposition seemed both plausible and acceptable to Palihapitiya, who hinted that Cuban should be gearing up for his presidential run by 2024.
Possible, but Challenging
Cuban’s latest tweet appears to be another show of his reluctant support for Bitcoin. The investor has long been a critic of the asset, claiming on several occasions that it doesn’t have any real value. Despite his criticism, however, Cuban has also been quick to point out some particular benefits of Bitcoin.
In a tweet from last month, Cuban pointed out that public companies should take a cue from Bitcoin and never issue new stocks again. The billionaire appeared to have been referencing Bitcoin’s monetary policy, which hinges on a capped monetary supply – a mechanism for effectively preventing possible inflation.
Public companies should learn a lesson from BItcoin and commit to not issue new shares of stock. Ever. Their stock prices would immediately jump.
— Mark Cuban (@mcuban) December 27, 2020
Still, it begs the question of how the hypothetical Cuban administration will plan to distribute satoshis to every American. The billionaire himself has called for Bitcoin to be simpler to understand and use, claiming last year that one of the primary inhibitors of the asset’s growth is a lack of understanding from mainstream investors.
As for his proposition concerning Bitcoin’s valuation, Cuban also appears to be stating his belief that the leading cryptocurrency will make significant gains in the near future. In just five weeks, Bitcoin has managed to gain over $20,000 in value. $1 million soon might seem like a long shot, but with the market on an unprecedented run, nothing looks so impossible anymore.
Palihapitiya definitely sees the potential, with his reply showing his belief that Bitcoin will be valued at $1 million by the time campaign trails start to open again. If all these hold up, Donald Trump might not be the only modern-day billionaire to become the leader of the free world.