Wh are so many CEOs endorsing Trump? It’s a ‘bitcoin play,’ Mark Cuban says

Shark Tank’s Mark Cuban, the billionaire owner of the Dallas Mavericks, says Silicon Valley tech entrepreneurs’ support for Donald Trump for president is nothing more than a “bitcoin game.”

Episode 1
Here’s a contrasting view of the emergence of support for former President Trump in Silicon Valley. Like all of my views here, it’s likely to be unpopular.

This is a Bitcoin game.

Not that the former President is a much stronger advocate of cryptocurrency. That’s good.…

— Mark Cuban (@mcuban) July 17, 2024

“This is a bitcoin game,” Cuban wrote on social media. “What will drive its price? [bitcoin] “There are lower tax rates and tariffs, which, if history is any indication (which it is not always), will lead to inflation,” he said.

“When you combine this with global uncertainty over the geopolitical role of the US and the impact on the US dollar as a reserve currency, the stars couldn’t align any better. [bitcoin] “Price acceleration,” he explained.

Leading tech CEOs like Elon Musk have endorsed Trump for the 2024 election and have invested millions of dollars in his presidential ticket. The Tesla CEO alone is spending about $45 million a month on the Trump campaign. Gemini co-founders Tyler and Cameron Winklevoss have also donated $2 million to Trump. Other tech entrepreneurs like Palantir co-founder Joe Lonsdale have contributed $1 million to a super PAC (political action committee) supporting Trump, while investors from Sequoia Capital have each donated $1 million.

But Cuban believes the industry is choosing Trump not because he claims to support digital assets, but because of how he has affected the price of bitcoin. “It’s not that the former president is a much stronger advocate of crypto. That’s nice,” Cuban explained. “But it doesn’t really affect the price of crypto. It makes it easier to run a crypto business because of the inevitable and necessary changes at the SEC.” [U.S. Securities and Exchange Commission].”

Trump has shifted his stance on bitcoin in recent months. While he previously called bitcoin a scam, the former president now vows to “defend the right to mine bitcoin” and will headline bitcoin’s most prominent conference in Tennessee later this month.