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 be directly accretive to Bitcoin’s price – an asset that has grown more popular with tech investors over the last several years.
“Not because the former President is a far stronger proponent of crypto,” Cuban noted. The investor said that Trump’s crypto agenda – which includes welcoming Bitcoin miners and ensuring citizens’ right to self-custody – simply makes it easier to “operate a crypto business” rather than “impact the price of crypto.”
Rather, Cuban claimed that Trump’s well-known policies of low tax rates and tariffs would drive BTC higher, since such policies have historically been inflationary.
“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration,” said Cuban.
Regarding how high Bitcoin could potentially rise, Cuban said its limit is “way higher than you think” given the asset’s global nature, limited supply, and unlimited fractionality. As the US dollar’s dominance wanes over time, he believes BTC could become the next “safe haven” that countries look to for protecting their savings.
“This has a possibility somewhere above zero, then BTC becomes exactly what the Maxis envision – a global currency,” he concluded.
Billionaires Backing Trump
Over the weekend, Trump received an endorsement and financial support from the likes of Elon Musk, whose car company, Tesla, owns Bitcoin on its balance sheet. In early June, Social Capital CEO Chamath Palihapitiya predicted Bitcoin could reach $500,000 in 2025 – and spoke highly of Trump in a podcast appearance later that month.
Even JPMorgan CEO Jamie Dimon, who has been floated as a new potential Treasury Secretary under Trump, is also reportedly beginning 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,” said Trump 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 do it, China is going to pick it up and China’s going to have it,” Trump said regarding the crypto industry. “I don’t want to be responsible for allowing another country to take over this sphere.”
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