Mark Cuban Will Run for President if Bitcoin Hits $1M

On Tuesday 5th Jan 2021, Mark Cuban showed his intentions to run for president, but only if bitcoin hits $1 million. “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 :),” he said in a recent tweet. 

If you don’t know who Mark Cuban is, he’s an American entrepreneur, investor, TV, and media personality, notably known for being one of the sharks on Shark Tank and the Dallas Mavericks owner. According to Forbes, his net worth is about $4.3 billion.

His Twitter statement is a bit sarcastic because he obviously doesn’t expect Bitcoin to hit $1 million. Based on Bitcoin’s growth in the last 12 months, analysts expect it to be around $500,000 by 2030. 

Mark Cuban says the current growth in value of cryptocurrencies reminds him of the dot-com, which saw many American internet companies’ stocks grow rapidly in the late 1990s. The bubble later burst, and only a few companies that managed to stick around, including Amazon and eBay.

Similarly, Mark Cuban believes that the cryptocurrency bubble will likely burst sometime soon, and lots of cryptocurrencies will end up losing value.

Bitcoin first reached its highest value ever on Jan 8th, when it went past the $40,000/coin mark. However, in the past few weeks, its value has been increasing even more, likely due to Elon Musk’s Tesla buying $1.5 billion, as they plan to integrate the cryptocurrency as payment for their products. Since then, the price has been gradually growing and consistent and now stands at $47,500 (as of 13th Feb 2021). 

From what we have seen in recent months, anything can happen with Bitcoin. So, we could see it grow even further beyond its highest ever price. There is also a possibility that it could drop in price even to be less than $10,000. If you plan on investing, make sure you’re ready for this kind of volatility to avoid any surprises!