Silicon Valley Is In Love With Trump Because of Bitcoin, Says Mark Cuban

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

The businessman’s analysis comes on the heels of several endorsements of Trump by wealthy crypto leaders who explicitly favor him because he promises to protect their industry.

Silicon Valley, Trump, and Bitcoin

according to CopyA Trump presidency would directly contribute to the rise in the price of Bitcoin — an asset that has become increasingly popular among technology investors over the past several years.

“It’s not because the former president is a stronger supporter of crypto,” Cuban noted. The investor said Trump’s crypto agenda — which includes welcoming Bitcoin miners and guaranteeing citizens the right to self-custody — makes it easier to “run a crypto business” than to “influence the price of crypto.”

Instead, Cuban argued that Trump’s policies of low tax rates and tariffs would drive up the price of Bitcoin, because such policies have historically been inflationary.

“If you add to that the global uncertainty about the geopolitical role of the United States, and the impact that will have on the US dollar as a reserve currency, you couldn’t have aligned the stars better for Bitcoin to accelerate,” Cuban said.

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

“There is a chance somewhere above zero that Bitcoin will become exactly what Maxis envisions — a global currency,” he concluded.

Billionaires Supporting Trump

Over the weekend, Trump received endorsements and financial support from the likes of Elon Musk, whose car company, Tesla, holds bitcoin on its balance sheet. In early June, Social Capital CEO Chamath Palihapitiya predicted that bitcoin could hit $500,000 in 2025 — speak well Trump in a podcast appearance later that month.

Even JPMorgan Chase CEO Jamie Dimon, who has been floated as a potential new Treasury secretary under Trump, has also started to see the bright side of bitcoin.

“Jamie Dimon was very negative, and now all of a sudden he’s changed his position a little bit,” Trump said during a June interview with CNN. Bloomberg This article was published last month. It follows a private meeting the president held with Dimon and 80 of the company’s top executives at the time.

“If we don’t do it, China will pick it up and take it over,” Trump said of the cryptocurrency industry. “I don’t want to be responsible for letting another country take over.”