Billionaire Mark Cuban Considers Launching Anti-meme Coin to Lower US Debt

Billionaire investor and Shark Tank star Mark Cuban posted on X.com, formerly Twitter, that he could launch a meme coin similar to the one President

Billionaire investor and Shark Tank star Mark Cuban has announced plans to launch a meme coin similar to the one recently rolled out by former US President Donald Trump, with a unique twist. Cuban stated that all proceeds from the token sales will be directed to the US Treasury to aid in reducing the national debt.

In a post on X.com, formerly known as Twitter, Cuban wrote, "If meme coins are the way, maybe I'll issue one. Same terms as $TRUMP. 20% float. Same release schedule. One difference. All the revenue from the sale of the coins go to the US Treasury. The wallet address will be published so everyone can track it."

"If you want to gamble, gamble. But at least use it to make a dent in the US Debt. You in?" he added.

As of January 2024, the US national debt stood at £28.98 trillion ($36.22 trillion).

Cuban had previously expressed skepticism towards meme coins, describing them as "shit coins" in an earlier post. However, when X user "Injective AI Intern" highlighted Cuban's past stance, the billionaire replied, "Just making the point. If it's a grift. Make it a grift to benefit all Americans."

In response to another user's suggestion to allocate half of the meme coin proceeds to the US treasury and the remaining half towards reducing prescription drug prices, Cuban explained, "I wouldn't want to pick favourites. Everyone benefits from lower debt."

Cuban, who has been critical of Trump but also shares a love-hate relationship with the former president, took note of the $TRUMP meme coin's 1000% surge in the first two days of launch, reaching over £56.81 ($71) per token. The coin later crashed but still maintained a 300% gain since launch, hovering around £21.13 ($26.4) on January 27.

Meanwhile, Ethereum's Vitalik Buterin has expressed concerns about political meme coins, suggesting that they could pose a threat to democracy.

"A political meme coin is the perfect continuous贿赂 (bribery) vehicle. It passively funnels money into politics without the need for direct payments. This subtle form of financial influence evades oversight," Buterin said.

On the other hand, White House AI and crypto czar David Sacks recently stated that meme coins can be classified as collectables. "When you're talking about digital assets, it can be multiple things. I mean, you've got digital assets that are securities, you've got digital assets that are commodities, you've got digital assets that are collectables like NFTs or meme coins," Sacks explained during a recent FoxBusiness interview.

He even went on to label the Official $TRUMP meme coin as a collectable. "It's like a baseball card or a stamp. People buy it because they want to commemorate something," the crypto czar said.