Tech
Mark Cuban Says Silicon Valley’s Support for Donald Trump Is a ‘Bitcoin Move’
Businessman Mark Cuban speaks after attending meetings at the White House on March 4, 2024, in Washington.
TV personality and investor Mark Cuban said Wednesday that Silicon Valley’s recent wave of support for former President Trump could be a “move” to boost bitcoin.
Cuban, the pro-cryptocurrency billionaire who has supported President Biden’s reelection bid, has argued that the potential inflationary impacts of lower taxes and higher tariffs under a second Trump presidency could push up the price of bitcoin.
“Here’s a counter-opinion on Silicon Valley’s emergence of support for former President Trump. Which like all my opinions here, probably won’t be popular,” Cuban wrote in a post on social media platform X. “It’s a bitcoin move.”
“What will drive the price of BTC will be lower tax rates and tariffs, which if history is any guide (and it isn’t always), will be inflationary,” he added. “Combine that with global uncertainty about the geopolitical role of the United States 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.”
Trump recently saw a resumption of support among wealthy tech leaders. Despite Silicon Valley’s liberal reputation, the former president has managed to alienate several former Democratic donors, who have joined a small contingent of conservatives in the tech world.
Silicon Valley Conservatives Rally Behind Trump, Celebrate Vance’s Pick for VP
Billionaire tech mogul Elon Musk on Saturday officially approved Trump, after the former president was injured in an assassination attempt at a campaign rally in Pennsylvania.
Musk plans to contribute approximately $45 million a month to a newly formed pro-Trump super PAC called America PAC, according to the Wall Street Journal.
America PAC also received donations from Palantir Technologies co-founder Joe Lonsdale, Sequoia Capital partners Doug Leone and Shaun Maguire, Valor Equity Partners CEO Antonio Gracias, and cryptocurrency investors Cameron and Tyler Winklevoss.
Trump’s announcement on Monday that Sen. J.D. Vance (R-Ohio) would be his running mate has has strengthened its reputation with Silicon Valley conservatives, who applauded the former venture capitalist’s entry into the GOP ticket.
The cryptocurrency sector has also increasingly shifted to Trump’s side, citing frustration with the Biden administration’s approach to regulating digital assets.
While Cuban acknowledged Wednesday that Trump is a “much stronger advocate of cryptocurrencies,” he argued that this “has no real impact on the price.” Instead, he pointed to the former president’s plans to cut income taxes and raise tariffs on foreign goods.
Economists and investors expect that such policies could increase inflationwhich has eased significantly after reaching a 40-year high two years ago.
If further geopolitical uncertainty were to occur and the U.S. dollar were to lose its status as the world’s reserve currency, bitcoin could become a “safe haven,” Cuban said.
“BTC could be what countries and all of us are looking to buy as a way to protect our savings,” he said. “Crazy? It’s already happening in countries facing hyperinflation.”
“And if things really do go further than we can imagine today (and I’m not saying that will happen. Just that there is a possibility somewhere above zero), then BTC becomes exactly what the [bitcoin maximalists] imagine. A global currency,” Cuban added.