Billionaire businessman Mark Cuban said that Bitcoin is a key reason why Silicon Valley is supporting the political goals of former President Donald Trump.
In an interview on Wednesday, Cuban stressed that Trump’s policies, especially lower tariffs and business taxes, could cause Bitcoin’s value to rise significantly.
Cuban tweeted that these things, along with doubt around the world about the US’s role as a reserve currency and its role in geopolitics, have been beneficial for Bitcoin’s price rise.
Cuban also thought that leaders in Silicon Valley might see a Trump presidency as an advantageous circumstance for making BTC the best global currency and the best way to protect against inflation.
Bitcoin’s Rise Amid Trump Support
Venture capitalists like Marc Andreessen, Ben Horowitz, and Palantir’s Joe Lonsdale are said to have given substantial sums of money to America Pac, a group that supports Trump.
Cuban also said that other prominent Californian entrepreneurs are planning to give Trump funds, and that crypto industry leaders like Jesse Powell of Kraken have already promised a significant amount of funds to his campaign.
Cuban said that if Trump wins in November, BTC prices could go up even more because of the effects that international uncertainty and the falling value of the dollar could have on Bitcoin’s status as a global safe haven.
Due to a change in his view on blockchain technology, Donald Trump has become known as a presidential candidate who supports crypto. People now back him because he is against central bank digital currencies (CBDCs), for Bitcoin and local mining, and for choosing Ohio Senator J.D. Vance as his crypto-friendly vice presidential candidate.
Because of these events, Bitcoin’s price has gone up to $65,000, which is a new monthly high. This is because people are looking forward to Trump’s speech at the BTC Conference in Nashville.
