Bitcoin
Mark Cuban Says Silicon Valley’s Embrace of Trump Revolves Around Cryptocurrency
Venture capitalists and other Silicon Valley figures have embraced Donald Trump’s bid to retake the US presidency. Their justification? Billionaire Mark Cuban says it’s being fueled by cryptocurrencies.
“This is a bitcoin play,” Cuban posted on X on Wednesday. Trump as president “makes it easier to operate a crypto business because of the inevitable and necessary changes at” the U.S. Securities and Exchange Commission, he added.
The cryptocurrency industry has harshly criticized the SEC for making it difficult to run a digital asset business in the U.S. (Cuban is no stranger to criticizing the SEC, the markets regulator he works with.) once fought on allegations of insider trading. He won.)
Under Trump, who appears to be ahead of President Joe BidenThe stage is set for inflation and uncertainty about the U.S. role in geopolitics, Cuban said. “You can’t align the stars better for an acceleration in the price of BTC,” he wrote.
“How high can the price go. Much higher than you think. Remember, the BTC market is global. And the supply has an ultimate cap of 21m BTC, with unlimited fractionalization,” Cuban added.
This week was reported that big VCs Marc Andreessen and Ben Horowitz plan to donate money to support Trump’s campaign. Their firm, Andreessen Horowitz, has a crypto arm.
Coinbase, the cryptocurrency exchange based in the city of San Francisco, in Silicon Valley, formed the Fairshake political action committee, which has supported pro-crypto candidates and tried to defeat anti-crypto ones. It is one of the largest PACs this election cycle.
Trump’s pick for vice president, Senator JD Vance, has ties to Silicon Valley.
“If things really do go further than we can imagine today (and I’m not saying they will. Just that it’s a possibility somewhere above zero), then BTC becomes exactly what the Maxis envision,” Cuban wrote on Wednesday. “A global currency.”