Bitcoin
Mark Cuban Says Silicon Valley’s Support for Trump Is a ‘Bitcoin Play’
When Donald Trump first ran for president in 2016, Silicon Valley looked largely oppose his candidacy. Fast forward to 2024, and the region’s elites are publicly supporting him in droves — but why? According to Mark Cuban, it’s all about cryptocurrency.
Prime Day: The first half of Amazon’s 48-hour sales event resulted in the biggest US e-commerce day yet in 2024
“It’s a bitcoin play,” the Dallas Mavericks minority owner and “Shark Tank” star wrote on X, formerly known as Twitter, on Wednesday. He added that a Trump administration would likely “make it easier to operate a crypto business because of the inevitable and necessary changes” to the Securities and Exchange Commission.
Although I was once a critic, Trump has emerged as a Bitcoin supporter in recent months, launching itself as the pro-crypto candidate. The former president accepts donations in some cryptocurrencies, sells your own NFTs (or non-fungible tokens), It is plans to speak at the Bitcoin Conference in Nashville later this month.
Public support for Trump in the tech world appears to have explode in recent months and the former president’s handpicked running mate, Ohio Senator J.D. Vance, some experience as a venture capitalist with ties to Palantir’s Peter Thiel. Several prominent tech leaders, many of whom have ties to cryptocurrencies, have recently endorsed or financially supported Trump through aligned political action committees. That includes Elon Muskthe Winklevoss twins and the owners of Andreessen Horowitz — Marc Andreessen and Ben Horowitz.
Fundamentally, Republicans have long courted by Silicon Valley leaders with promises of lower corporate taxes. And while tech workers seem to distort liberalismyour employers have a funding pattern candidates in both major political parties in the US.
Cuban says that while it’s “cool” that Trump is a much bigger fan of cryptocurrencies than Biden, his interest in the sector “doesn’t really affect the price of cryptocurrencies.”
“What will drive the price of [Bitcoin] are lower tax rates and tariffs, which, if history is any guide (and it isn’t always), will be inflationary,” Cuban wrote.
“Combine this with global uncertainty regarding the geopolitical role of the US and the impact on the US dollar as a reserve currency, and you can’t align the stars better for an acceleration in the price of BTC,” he added.
During the election campaign, Trump promised to withdraw from the Paris Climate Accords, raised concerns about US aid to Ukraine and proposed higher taxes on imports from all countries. NPR Reports. He also promised lower corporate tax rates, up to 15% and maintain the provisions of its 2017 tax cuts. In a recent interviewTrump said Taiwan “should pay us to defend ourselves” from China, calling the US “no different than an insurance company.”
Read more: ‘Trump Trade’ Is Back in Focus After Assassination Attempt. Here’s What It Is and Why It Matters
Cuban says that if the US dollar falls amid geopolitical uncertainty, Bitcoin could become a “safe haven,” meaning other countries will turn to the US to protect their economies.
“And if things actually go further than we can imagine today (and I’m not saying they will. Just that it’s somewhere above zero), then BTC becomes exactly what the Maxis envision,” Cuban wrote, referring to Bitcoin’s most ardent supporters. “A global currency.”