Mark Cuban believes that Silicon Valley backs Trump because of Bitcoin. And not just for his love of it either, Cuban argues it’s about the changes a Trump administration might bring, especially at the SEC, which could make it easier to run crypto businesses.
Source: Mark Cuban
Cuban believes that lower taxes and tariffs, which are likely under Trump, could drive Bitcoin prices up. These economic policies often lead to inflation.
Investors, looking to protect their money, will turn to Bitcoin. This would cause Bitcoin prices to soar. Cuban explained that:
“What will drive the price of BTC is lower tax rates and tariffs, which if history is any guide (and it’s not always), will be inflationary.”
The global situation adds to this. If uncertainty about the US’s role in the world continues and the dollar weakens, Bitcoin might become a safe haven. This isn’t just theory, it’s already happening in countries facing hyperinflation. Cuban said:
“Remember, the market for BTC is global. And the supply has a final limit of 21m BTC, with unlimited fractionalization.”
Cuban went further, suggesting that Bitcoin could become a global currency. When asked about Bitcoin’s price increase and wealth inequality, Cuban was clear.
He said it doesn’t directly address wealth inequality. However, if other cryptos benefit too, it could help millions who find it easier to buy and hold crypto than save money traditionally.
Mark Cuban with Donald Trump. Credits: Wire
Donald Trump, despite injuries from an assassination attempt, is set to speak at the Bitcoin 2024 conference in Tennessee, a state he’s likely to win. The crypto vote has become a key to his re-election strategy.
The Republican Party even included crypto in their platform. Even though many in the crypto community favor Trump, there have been wins for Bitcoin under Biden. This includes the approval of Bitcoin ETFs and major institutional investments.
However, there’s still frustration with regulators like Gary Gensler. Critics, including Cuban, say the SEC hasn’t protected investors well and has made it hard for crypto firms to thrive.
President Joe Biden and Vice President Kamala Harris
Cuban has shared his issues with SEC Chairman Gary Gensler. He believes the SEC has not done enough to protect investors from fraud and has made it difficult for crypto businesses to succeed.
Cuban warned, “Crypto voters will be heard in this election” and said that Biden must choose between Gensler and the crypto voters or risk losing the White House.
