“It’s a Bitcoin play,” said billionaire Mark Cuban on Wednesday, as Donald Trump continues to be a significant topic in the crypto world, Capitol Hill, and Silicon Valley. Trump told Bloomberg he would reduce corporate taxes to 15-20%. Cuban believes these lower tax rates and tariffs could theoretically trigger Bitcoin’s (BTC) parabolic rise, leading to much higher prices.
“Combine that with global uncertainty about 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.
Moreover, Cuban suggested that Silicon Valley leaders see a Trump presidency as the best opportunity to establish Bitcoin as a technologically superior global currency and the preferred hedge against inflation. Venture capitalists Marc Andreessen, Ben Horowitz, and Palantir’s Joe Lonsdale have donated $8.7 million to America Pac, supporting Trump’s campaign.
Part 1
Here is a contrary opinion on the emergence of Silicon Valley support for former President Trump. Which like all my opinions on here, probably won’t be popular.
It’s a bitcoin play.
Not because the former President is a far stronger proponent of crypto. That’s nice.…
— Mark Cuban (@mcuban) July 17, 2024
More California tycoons are reportedly stepping up to offer financial support, with several crypto figures, including Kraken founder Jesse Powell, already committing millions to the former president’s campaign.
“Consider what could happen if, due to geopolitical uncertainty and the decline of the dollar as the reserve currency, BTC becomes a global ‘safe haven,’” Cuban noted. “This scenario could lead countries and individuals to buy BTC to protect their savings.”
If this unfolds and Trump is elected president in November, Cuban believes BTC prices could rise higher than many might expect.
Trump’s Growing Appeal to Web3 and Bitcoin
Donald Trump has emerged as the pro-crypto presidential candidate following a reversal in his stance on crypto and blockchain. He has earned praise for opposing a central bank digital currency (CBDC), advocating for Bitcoin (BTC) and local Bitcoin mining, and selecting Ohio Senator J.D. Vance, a crypto-friendly VP.
This decision marks the first pro-crypto presidential ticket in American history. Trump’s crypto standing increased further after he survived an assassination attempt during a Pennsylvania rally last week.
These developments led to a market uptick, with Bitcoin reclaiming $65,000, a new monthly high. Trump is also set to speak at the upcoming Bitcoin Conference in Nashville.
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