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'It's a Bitcoin Play': Mark Cuban Says Silicon Valley's Embrace of Trump Revolves Around Crypto
Cuban: "You can't align the stars any better for a BTC price acceleration."
Venture capitalists and other Silicon Valley figures have embraced Donald Trump's attempt to retake the U.S. presidency. Their rationale? To billionaire Mark Cuban, it's being driven by cryptocurrencies.
"It's a bitcoin play," Cuban posted Wednesday on X. Trump as president "makes it easier to operate a crypto business because of the inevitable, and required, changes at the" U.S. Securities and Exchange Commission, he added.
STORY CONTINUES BELOW
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The crypto industry has roundly criticized the SEC for making it difficult to run a digital asset business in the U.S. (Cuban is no stranger to criticizing the SEC, the markets regulator with which he once tussled over insider trading allegations. He won.)
Part 1
— Mark Cuban (@mcuban) July 17, 2024
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.…
Under Trump, who appears to be ahead of President Joe Biden, the stage is set for inflation and uncertainty about the role of the U.S. in geopolitics, Cuban said. "You can't align the stars any better for a BTC price acceleration," he wrote.
"How high can the price go. Way higher than you think. Remember, the market for BTC is global. And the supply has a final limit of 21m BTC, with unlimited fractionalization," Cuban added.
Read more: Crypto Exchange Kraken Paid Dave Portnoy Bitcoin in Sponsorship Deal
This week, it was reported that major VCs Marc Andreessen and Ben Horowitz plan to donate money to support Trump's campaign. Their firm, Andreessen Horowitz, has a crypto arm.
Coinbase, the crypto exchange based in the Silicon Valley town of San Francisco, formed the Fairshake political action committee, which has supported pro-crypto candidates and tried to defeat anti-crypto ones. It's one of the largest PACs in this election cycle.
Trump's pick for vice president, Senator J.D. Vance, has ties to Silicon Valley.
"If things really go further than we can imagine today (and I'm not saying they will. Just that this has a possibility somewhere above zero), then BTC becomes exactly what the Maxis envision," Cuban wrote Wednesday. "A global currency."
Nick Baker
Nick Baker was CoinDesk's deputy editor-in-chief. He won a Loeb Award for editing CoinDesk's coverage of FTX's Sam Bankman-Fried, including Ian Allison's scoop that caused SBF's empire to collapse. Before joining in 2022, he worked at Bloomberg News for 16 years as a reporter, editor and manager. Previously, he was a reporter at Dow Jones Newswires, wrote for The Wall Street Journal and earned a journalism degree from Ohio University. He owns more than $1,000 of BTC and SOL.
