Key Points
- Mark Cuban suggests that Bitcoin is the main reason Silicon Valley supports Donald Trump’s political ambitions.
- Cuban believes lower taxes and tariffs could trigger a Bitcoin price surge.
Mark Cuban, the billionaire businessman, suggested that the backing of Donald Trump by Silicon Valley giants is primarily due to Bitcoin. He made this statement amidst the ongoing discussions about Trump in the crypto world, Capitol Hill, and Silicon Valley.
Trump had previously indicated to Bloomberg his intention to reduce corporate taxes to between 15-20%. Cuban theorizes that such a reduction in tax rates and tariffs could potentially set off a parabolic rise in the price of Bitcoin (BTC).
Cuban’s View on Silicon Valley’s Support for Trump
In addition to this, Cuban suggested that the tech moguls of Silicon Valley see a Trump presidency as the most promising route to establishing Bitcoin as a superior global currency and the preferred hedge against inflation. Several venture capitalists, including Marc Andreessen, Ben Horowitz, and Palantir’s Joe Lonsdale, contributed $8.7 million to America Pac, a group that supports Trump’s campaign.
A number of other California business magnates are reportedly preparing to offer financial backing, with several crypto-native figures, such as Kraken founder Jesse Powell, already pledging millions to support Trump. Cuban also hinted at the possibility of Bitcoin becoming a global “safe haven” due to geopolitical uncertainty and the weakening of the dollar as the reserve currency.
Trump’s Relationship with Bitcoin
Donald Trump has gained a reputation as a pro-crypto presidential candidate following a shift in his stance on crypto and blockchain. He has received praise for his opposition to a central bank digital currency (CBDC), his promotion of Bitcoin (BTC) and local Bitcoin mining, and his selection of a crypto-friendly VP, Ohio Senator J.D. Vance. This marked the first pro-crypto presidential ticket in America’s history.
Trump’s crypto popularity further increased after he survived an assassination attempt at a rally in Pennsylvania last week. This series of events coincided with a market uptick as Bitcoin reclaimed a monthly high of $65,000. Trump is also slated to speak at the Bitcoin Conference in Nashville.
