Silicon Valley betting on Bitcoin with Trump support
Mark Cuban opined that Bitcoin is the central theme behind the support of Silicon Valley giants for former President Donald Trump’s political aspirations.
“It’s a Bitcoin play,” said billionaire businessman Mark Cuban on Wednesday as Donald Trump remains a major talking point in crypto, Capitol Hill, and Silicon Valley. Trump told Bloomberg he would reduce corporate taxes to 15-20%. Cuban believes lower tax rates and tariffs could theoretically trigger Bitcoin’s (BTC) parabolic run and herald much higher prices.
“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,” Cuban tweeted on X.
Furthermore, the crypto proponent surmised that Silicon Valley titans view a Trump presidency as the best bet for solidifying Bitcoin as a technologically superior global currency and the preferred inflation hedge. Venture capitalist founders Marc Andreessen, Ben Horowitz, and Palantir’s Joe Lonsdale donated $8.7 million to America Pac, which supports Trump’s campaign.
More California tycoons are reportedly lining up to offer financial support, and several crypto-native names, like Kraken founder Jesse Powell, have already committed millions to the former president’s cause.
“Keep that in mind as you consider what happens if, because of geopolitical uncertainty and the decline of the dollar as the reserve currency, BTC becomes a “safe haven” globally. Which means that BTC could be what countries and all of us look to buy as a means to protect our savings”, according to Cuban.
If this happens and Trump becomes president in November, Cuban said BTC prices may eventually go higher than some might think.
Trump’s appeal to web3 and Bitcoin takes shape
Donald Trump has become the pro-crypto presidential candidate following a u-turn on his crypto-blockchain rhetoric. He has gained plaudits for opposing a central bank digital currency (CBDC), promoting Bitcoin (BTC) and local Bitcoin mining, and picking a crypto-friendly VP in Ohio Senator, J.D. Vance.
The decision marked America’s first-ever pro-crypto presidential ticket. Trump’s crypto stock rose even further after the Republican candidate survived an assassination attempt during a Pennsylvania rally last week.
The developments and events culminated in a market uptick as Bitcoin reclaimed $65,000, a new monthly high. Trump is also scheduled to speak at the Bitcoin Conference in Nashville.
