Venture capitalists and Silicon Valley figures are backing Donald Trump’s bid to reclaim the U.S. presidency because, according to billionaire Mark Cuban, cryptocurrency is the driving force behind it.
“This is a bitcoin transaction,” Cuban wrote in a post on X on Wednesday. A Trump presidency would “make it easier to operate a cryptocurrency business because of the inevitable and necessary changes” that would come about at the US Securities and Exchange Commission, he added.
The crypto industry has harshly criticized the SEC for making it difficult to operate digital asset businesses in the U.S. (Cuban is no stranger to criticizing the market regulator, whom he once fought over insider trading allegations; he won).
Cuban said a Trump administration, which appears to have the upper hand over President Joe Biden, would set the stage for inflation and uncertainty about the U.S.’s role in geopolitics. “Conditions could not be more favorable for an acceleration in BTC price,” he wrote.
“How high will the price go? A lot higher than you think. Remember, the BTC market is global. And the supply is ultimately capped at 21 million BTC with unlimited divisibility,” Cuban added.
This week it was reported that venture capital giants Marc Andreessen and Ben Horowitz, whose firm Andreessen Horowitz has a cryptocurrency division, are planning to donate to support Trump’s campaign.
San Francisco-based Silicon Valley cryptocurrency exchange Coinbase has formed the FairShake Political Action Committee to support pro-crypto candidates and defeat anti-crypto candidates. FairShake is one of the largest political action committees this election cycle.
Senator J.D. Vance, President Trump’s nominee for vice president, has ties to Silicon Valley.
“If things go further than we can imagine today (and I’m not saying they will, just that somewhere above zero is a possibility), BTC will become exactly what Maxis envisions it to be,” Cuban wrote on Wednesday. “A global currency.”
