Mark Cuban Thinks This Seemingly Small Money Problem Cost Kamala Harris the Election — Will It Wreck Your Finances?
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Nicholas Morine
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Amen Oyiboke
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Billionaire investor, entrepreneur, and “Shark Tank” personality Mark Cuban is well-known both for his business acumen as well as his commentary on contemporary political issues.
In a recent interview held with New York Magazine’s Benjamin Hart, Cuban covered a wide range of topics, from artificial intelligence to basketball. Of particular note, Cuban discussed the rising popularity of cryptocurrency and how former Vice President — and 2024 Democratic Party presidential candidate — Kamala Harris may have lost the election via her positioning on the issue.
What can everyday Americans take away from Cuban’s take on cryptocurrency, politics, and how digital currency could impact their finances? Here’s what he thinks.
Cuban Points To Crypto Policy as Key Factor in Losing Young Voters
As Hart offered up questions to Cuban, the latter eventually pivoted to discuss what he believed to be a major flaw in the Democrats’ messaging.
“Like I said, the Republican Party is now the Trump family business. There’s other things he got right, and I think what cost Kamala the election was crypto,” Cuban said.
“I can’t tell you how many Democrats have agreed with me, not that that matters. There’s data that says more than 40 percent of young men of color under the age of 29 own crypto. Kids today — their banking is different than you and I growing up,” he added.
Cuban went on to suggest a scenario in which many young men of color download Coinbase or Robinhood and start stocking up on a small cryptocurrency portfolio. In this case, heavily weighted toward meme coins such as Dogecoin, while still buying a small position in bitcoin.
“Now, if you have two parties, and one says, ‘I believe in this. I’m going to make it easier.’ Translation: your net worth is going up,” said Cuban. “The other party — Biden’s SEC chief, Gary Gensler, and I said this on Twitter and to his face, I said, ‘You are going to cost Kamala the election.’ He said, ‘Well, that’s not part of my job. I don’t care.’ Every day, he was saying [expletive] that pushed down the price of crypto.”
Cuban concluded his take on cryptocurrency’s impact on the election by pointing to a potential 248,000 swing votes across seven states, citing exit polls that showed a significant number of younger men of color switched their vote to support President Donald Trump.
Can Crypto Wreck Your Finances? Cuban Says It’s a Wildcard
Cuban has been cautiously enthusiastic over some cryptocurrencies, notably established industry players such as bitcoin and ethereum, for some time, most recently suggesting (via X, in April) that a bitcoin buy-in may be a better value play than buying into the stock market, at least at that time.
And a bit earlier this year, in February, Cuban was cited as referring to solid bitcoin investment as a wildcard addition to one’s overall holdings.
“If you’re a true adventurer and you really wanna throw the hail Mary, you might take 10 percent, put it in bitcoin or ethereum,” Cuban stated at the time, per Benzinga — but with one major caveat concerning risk.
“If you do that, you’ve gotta pretend you’ve already lost your money,” he added, likening the holding to something like rare art, or collectible sports cards. “It’s a flyer … but I’d limit it to 10 percent.”
The potential lesson, according to the famous businessman? While Bitcoin and other established cryptocurrencies may be worthy of being held in one’s portfolio as a small piece of the overall puzzle, over-reliance on them, or investing heavily in less reputable meme coins or alt coins, could be a disastrous game plan.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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