Mark Cuban Says He'd Route Meme Coin Proceeds to US Treasury to Lower Debt

Cuban, who has been a Trump critic and has expressed that he shares a love-hate relationship with the US President, took notice of the $TRUMP meme coin's 1000% surge in the first two days of launch

The US national debt stood at $36.22 (£28.98) trillion.

Cuban's post garnered over 60,000 likes, prompting users to engage with him on the specifics of the meme coin. In an earlier post, Cuban had described meme coins as "shit coins."

When X user "Injective AI Intern" highlighted Cuban's lack of enthusiasm for meme coins, the billionaire replied: "Just making the point. If it's a grift. Make it a grift to benefit all Americans."

Another user, Brian Krassenstein, inquired whether Cuban could direct half of the meme coin proceeds to the US treasury, with the remaining funds allocated to reducing prescription drug costs. In response, the entrepreneur stated that he "wouldn't want to pick favourites" and that everyone "benefits from lower debt."

Cuban, a known Trump critic who has expressed a love-hate relationship with the US President, noted the $TRUMP meme coin's 1000% surge within the first two days of launch, reaching over $71 (£56.81) per token. The coin crashed soon after but still maintained a 300% gain since the launch date, hovering around $26.4 (£21.13) on 27th January.

In other news, White House AI and crypto czar David Sacks recently opined that meme coins are collectables. "Well, when you're talking about digital assets, it can be multiple things," he stated during a recent FoxBusiness interview. "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."

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

However, according to Ethereum co-founder Vitalik Buterin, political meme coins can serve as an ideal bribery mechanism, threatening democracy by potentially distorting political processes.

"If a politician issues a coin, you do not even need to send them any coins to give them money. Instead, you just buy and hold the coin, and this increases the value of their holdings passively," Buterin explained, highlighting a scenario where politicians can be subtly yet effectively bribed through a largely overlooked financial channel.