Silicon Valley is in love with Trump because of Bitcoin, says Mark Cuban

Why are Silicon Valley venture capitalists suddenly supporting Donald Trump? Billionaire Mark Cuban, one of the politician’s staunchest critics, says “It’s a Bitcoin play.”

The businessman’s analysis follows several Trump endorsements from wealthy crypto leaders who explicitly favor him because he promises to protect their industry.

Silicon Valley, Trump and Bitcoin

According to Cuban, a Trump presidency would directly increase the price of Bitcoin, an asset that has become more popular among tech investors in recent years.

“Not because the former president is a much stronger proponent of crypto,” Cuban noted. The investor said Trump’s crypto agenda, which includes welcoming Bitcoin miners and guaranteeing citizens’ right to self-storage, simply makes it easier to “operate a crypto business” rather than ” impact the price of the cryptocurrency.”

Rather, Cuban claimed that Trump’s known policies of low rates and tariffs would boost BTC, as such policies have historically been inflationary.

“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 couldn’t align the stars better for a BTC price acceleration,” Cuban said .

As for how high Bitcoin could go, Cuban said its cap is “much higher than you think” given the asset’s global nature, limited supply and unlimited fraction. As the US dollar’s dominance declines over time, he believes BTC could become the next “safe haven” countries look to to protect their savings.

“This has a chance above zero, then BTC will become exactly what the Maxis envision: a global currency,” he concluded.

Billionaires who support Trump

Over the weekend, Trump received an endorsement and financial support from the likes of Elon Musk, whose car company, Tesla, has Bitcoin on its balance sheet. In early June, Social Capital CEO Chamath Palihapitiya predicted that Bitcoin could reach $500,000 by 2025, and he spoke highly of Trump in a podcast appearance later that month.

Even JPMorgan CEO Jamie Dimon, who has been tipped as a potential new Treasury secretary under Trump, is also starting to see the bright side of Bitcoin.

“Jamie Dimon was, you know, very negative, and now all of a sudden he’s changed his tune a little bit,” Trump said during a June interview with Bloomberg published last month. This followed the president’s private audience with Dimon and 80 other business executives at the time.

“If we don’t, China will pick it up and China will have it,” Trump said of the crypto industry. “I don’t want to be responsible for allowing another country to take over this sphere.”

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!