Silicon Valley love affair with Trump will end in economic catastrophe: Mark Cuban
Revered entrepreneur and Shark Tank star Mark Cuban raised alarms Wednesday that a love affair between Silicon Valley and Donald Trump’s reelection campaign aspires toward creating a crippled economy in which cryptocurrencies reign supreme.
“It’s a bitcoin play,” Cuban posted on X Wednesday. “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.”
“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the U.S. Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration,” Cuban wrote.
Cuban, who has long been a strong critic of Trump and a skeptic of cryptocurrency, expressed fears that a spike in crypto valuation, combined with the lowered valuation of the dollar globally will force bitcoin to become a “safe haven” for investors.
“Which means that BTC could be what countries and all of us look to buy as a means to protect our savings. Crazy ? It already happens in countries facing hyperinflation,” Cuban wrote. ”And if things really go further than we can imagine today … then BTC becomes exactly what the Maxis envision. A global currency.”
Bitcoin is currently valued at nearly $65,000 a share.
In previous elections, tech giants invested overwhelmingly in Democrats.
Silicon Valley investors dumped millions into Hillary Clinton’s 2016 presidential campaign and gave even more to Joe Biden in 2020 to beat Trump. Tech's initial opposition to Trump stemmed from his confrontational style, rhetoric and policies, which were seen as potentially harmful to the industry but, over time, Trump has managed to woo leaders such as Elon Musk and PayPal co-founder Peter Thiel over to his camp with his “anti-woke” agenda and emphasis on deregulation.
Garnering more mainstream support from the tech industry could be a huge boon for the Trump campaign, which despite the recent assassination attempt on the former president, hasn’t seen a bump in polling numbers.