Television personality and investor Mark Cuban said on Wednesday that the recent wave of support for former President Trump in Silicon Valley could be a “plot” to boost bitcoin.
Cuban, a pro-cryptocurrency billionaire who has supported President Biden’s reelection, argued that the potential inflationary impact of tax cuts and increased tariffs if President Trump is re-elected could drive up the price of Bitcoin.
“There is a counter-argument about the growing support for former President Trump in Silicon Valley. Any opinions I have will likely not be popular,” Cuban said in a post on social platform X. “This is a Bitcoin bet.”
“What will drive the price of BTC higher is lower taxes and tariffs, which as history shows (but doesn’t always) will create inflation,” he added. “When you add to this the global uncertainty regarding the geopolitical role of the US and its impact on the US dollar as a reserve currency, there could be no better opportunity for the price of BTC to accelerate.”
Trump has recently found growing support among wealthy tech leaders, and despite Silicon Valley’s liberal reputation, the former president has managed to alienate several former Democratic donors who have joined the small group of conservatives still in the tech industry.
Billionaire tech mogul Elon Musk formally endorsed Trump on Saturday after the former president was injured in an assassination attempt at a campaign rally in Pennsylvania.
According to the Wall Street Journal, Musk plans to donate about $45 million per month to America PAC, a newly formed pro-Trump super PAC.
America PAC has also received donations from Palantir Technologies co-founder Joe Lonsdale, Sequoia Capital partners Doug Leone and Sean Maguire, Valor Equity Partners CEO Antonio Gracias, and cryptocurrency investors Cameron and Tyler Winklevoss.
President Trump’s announcement on Monday that Sen. J.D. Vance (R-Ohio) would be his running mate garnered support among Silicon Valley conservatives, who welcomed the former venture capitalist’s addition to the Republican field.
The cryptocurrency industry has also increasingly joined the Trump camp amid growing frustration with the Biden administration’s approach to regulating digital assets.
Cuban acknowledged on Wednesday that President Trump is “a much bigger supporter of cryptocurrency,” but argued that this “won’t really affect the price.” Rather, he pointed to the former president’s plans to cut income taxes and raise tariffs on foreign goods.
Economists and investors expect such policies could lead to higher inflation, which has eased significantly since hitting a 40-year high two years ago.
If geopolitical uncertainty increases further and the U.S. dollar loses its status as the global reserve currency, Bitcoin could become a “safe haven,” Cuban said.
“BTC could become something that countries and all of us are going to buy as a way to protect our savings,” he said. “Funny? It’s already happening in countries facing hyperinflation.”
“And if things go further than we can imagine today (and I’m not saying they will, just that somewhere above zero is a possibility), then BTC is just [bitcoin maximalists] “I envision a global currency,” Cuban added.
