Silicon Valley bets on Bitcoin with Trump’s support

Mark Cuban has opined that Bitcoin is the central theme behind Silicon Valley giants’ support for former President Donald Trump’s political aspirations.

“It’s a Bitcoin play,” he said Billionaire entrepreneur Mark Cuban on Wednesday, as Donald Trump continues to be a major talking point in crypto, Capitol Hill and Silicon Valley. Trump told Bloomberg he would cut corporate taxes to 15-20%. Cuban believes lower tax rates and tariffs could theoretically trigger Bitcoin (BTC) parabolic run and heralds much higher prices.

“Combine this with global uncertainty regarding the geopolitical role of the US and the impact on the US dollar as a reserve currency, and you can’t get the stars to align better for a BTC price acceleration,” Cuban tweeted on X.

Furthermore, the cryptocurrency proponent surmised that Silicon Valley titans see a Trump presidency as the best bet to solidify Bitcoin as a technologically superior global currency and the preferred inflation hedge. Venture capital founders Marc Andreessen, Ben Horowitz and Palantir’s Joe Lonsdale have donated $8.7 million to America Pac, which supports Trump’s campaign.

More California moguls are reportedly lining up to offer financial support, and several crypto-native names, such as Kraken founder Jesse Powell, have already done so. committed millions to the former president’s cause.

“Keep this in mind when considering what happens if, because of geopolitical uncertainty and the decline of the dollar as a reserve currency, BTC becomes a ‘safe haven’ globally. Which means BTC could be what countries and all of us look to buy as a means of protecting our economies,” according to Cuban.

If that happens and Trump becomes president in November, Cuban said BTC prices could eventually rise more than some imagine.

Trump’s call for web3 and Bitcoin takes shape

Donald Trump has become the pro-crypto presidential candidate after a U-turn on his crypto-blockchain rhetoric. He has won plaudits for opposing a central bank digital currency (CBDC), promoting Bitcoin (BTC) and local Bitcoin mining, and choosing a cryptocurrency-friendly vice president in Ohio Senator JD Vance.

The decision marked America’s first pro-crypto presidential ticket. Trump’s crypto stocks surged even higher after the Republican candidate survived an assassination attempt during a rally in Pennsylvania last week.

The developments and events culminated in a bull market, with Bitcoin reclaiming $65,000, a new monthly high. Trump is also scheduled to speak at the Bitcoin Conference in Nashville.

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