Tech
Mark Cuban Says Silicon Valley’s Support for Trump Is a ‘Bitcoin Move’
When Donald Trump first ran for president in 2016, Silicon Valley seemed widely oppose his candidacy. Fast forward to 2024, and the region’s elites are publicly backing him en masse, but why? According to Mark Cuban, it’s all about cryptocurrency.
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“It’s a bitcoin move,” the Dallas Mavericks minority owner and “Shark Tank” star wrote Wednesday on X, formerly known as Twitter. He added that a Trump administration would likely “make it easier to run a cryptocurrency business because of the inevitable and necessary changes” at the Securities and Exchange Commission.
Although he was once a critic, Trump has emerged as a Bitcoin supporter in recent months, presenting itself as the pro-crypto candidateThe former president accepts donations in some cryptocurrencies, sells its NFTs (OR non-fungible tokens), AND he intends to speak at the Bitcoin Conference in Nashville, scheduled for later this month.
Public support for Trump in the tech world appears to be explode in recent months and the former president’s hand-picked running mate, Ohio Senator J.D. Vance, has a little experience as a venture capitalist with ties to Palantir’s Peter Thiel. Several prominent tech leaders, many of whom have ties to cryptocurrency, have recently endorsed or financially supported Trump via aligned political action committees. That includes Elon Muskthe Winklevoss twins and the owners of Andreessen Horowitz: Marc Andreessen and Ben Horowitz.
Basically, the Republicans have Silicon Valley’s long-courted leaders with promises of lower corporate taxes. And while tech workers they appear to be liberal in orientationtheir employers have a financing model candidates From Both major political parties in the United States.
Cuban says that while it’s “nice” that Trump is a much bigger fan of cryptocurrency than Biden, his interest in the sector “has no real impact on the price of cryptocurrency.”
“What will determine 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.
“Compound all of this with global uncertainty over the geopolitical role of the United States and the impact on the US dollar as a reserve currency, one cannot expect more favorable stars for an acceleration in the price of BTC,” he added.
During the election campaign, Trump promised to withdraw from the Paris climate accord, raised concerns about U.S. aid to Ukraine, and proposed higher taxes on imports from all countries. NPR ReportsHe also promised to lower corporate tax rates of up to 15% and maintain the provisions of its 2017 tax cuts. In a recent interviewTrump said that Taiwan “should pay us for defense” against China, calling the United States “no different from an insurance company.”
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Cuban says that if the U.S. dollar were to decline due to geopolitical uncertainty, Bitcoin could become a “safe haven,” meaning other countries will look to the U.S. to protect their savings.
“And if things really do go further than we can imagine today (and I’m not saying they will. Just that there’s a possibility somewhere above zero), then BTC will become exactly what the Maxis imagine,” Cuban wrote, referring to Bitcoin’s most ardent supporters. “A global currency.”