According to billionaire investor Mark Cuban, Silicon Valley's support for Donald Trump's candidacy for the US presidency is fueled by the cryptocurrency industry.
In his statement on X (formerly Twitter) today, Cuban argued that the technology industry's support for Trump is essentially “a Bitcoin campaign.”
Cuban explained that a Trump presidency would require significant changes at the U.S. Securities and Exchange Commission (SEC), making it easier for crypto businesses to operate. The SEC has been widely criticized within the crypto industry for creating a challenging regulatory environment for digital asset businesses. Cuban has a history with the SEC and has successfully fought insider trading allegations in the past.
Trump is currently ahead of President Joe Biden in the polls, and Cuban believes this development could lead to increased inflation and geopolitical uncertainty. According to Cuban, these conditions are ideal for Bitcoin's value to rise. “There could not have been a better time for the BTC price to rise,” Cuban wrote.
Cuban explained Bitcoin's potential in detail, pointing out BTC's global market and its limited supply of 21 million BTC. “How high can the price go? Much higher than you think,” he said.
Looking to the future, Cuban stated that if conditions change dramatically, Bitcoin could become a “global currency” and realize the vision of its most ardent supporters. “If things truly go further than we can imagine today, then BTC will become exactly what its fans envision,” he concluded.
*This is not investment advice.