TLDR
Mark
Cuban,
the
billionaire
entrepreneur
and
“Shark
Tank”
investor,
has
offered
a
novel
explanation
for
the
recent
surge
in
Silicon
Valley
support
for
former
President
Donald
Trump:
Bitcoin.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
Cuban,
who
has
been
a
vocal
supporter
of
cryptocurrencies,
argues
that
Trump’s
proposed
policies
could
create
an
ideal
environment
for
Bitcoin
price
growth.
According
to
Cuban,
the
key
factors
that
could
drive
up
Bitcoin’s
value
under
a
potential
second
Trump
presidency
include
lower
tax
rates
and
higher
tariffs.
“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,”
Cuban
explained.
He
added
that
these
policies,
combined
with
global
uncertainty
about
the
geopolitical
role
of
the
USA
and
potential
impacts
on
the
US
dollar
as
a
reserve
currency,
create
a
perfect
alignment
for
Bitcoin
price
acceleration.
Trump
has
recently
positioned
himself
as
a
crypto-friendly
candidate,
a
stark
contrast
to
his
previous
criticisms
of
the
Bitcoin
space.
He
has
pledged
to
“defend
the
right
to
mine
Bitcoin”
and
is
scheduled
to
speak
at
the
2024
Bitcoin
Conference
in
Nashville
later
this
month.
This
shift
in
stance
has
not
gone
unnoticed
by
the
crypto
community.
The
former
president
has
seen
an
uptick
in
support
from
wealthy
tech
leaders,
many
of
whom
have
ties
to
the
cryptocurrency
industry.
Notable
backers
include
Tesla
CEO
Elon
Musk,
who
reportedly
plans
to
contribute
about
$45
million
a
month
to
a
pro-Trump
super
PAC.
Other
supporters
include
the
Winklevoss
twins,
known
for
their
involvement
in
crypto,
and
venture
capitalists
like
Marc
Andreessen
and
Ben
Horowitz.
Cuban
acknowledges
that
while
Trump’s
pro-crypto
stance
is
“nice,”
it’s
not
the
primary
driver
of
Bitcoin’s
potential
price
increase.
Instead,
he
points
to
the
broader
economic
and
geopolitical
implications
of
Trump’s
proposed
policies.
“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
stated.
The
billionaire
investor
goes
further,
suggesting
that
if
geopolitical
uncertainty
increases
and
the
US
dollar
loses
its
status
as
the
world’s
reserve
currency,
Bitcoin
could
become
a
“safe
haven”
for
countries
and
individuals
looking
to
protect
their
savings.
“BTC
could
be
what
countries
and
all
of
us
look
to
buy
as
a
means
to
protect
our
savings,”
he
said.
“Crazy?
It
already
happens
in
countries
facing
hyperinflation.”
Whether
Cuban’s
prediction
comes
to
fruition
or
not,
it’s
clear
that
the
worlds
of
politics
and
cryptocurrency
are
becoming
increasingly
intertwined.
Go to Source
Author: Oliver Dale
