As the 2024 White House race heats up, new controversies have erupted regarding Silicon Valley's recent support of former US President Donald Trump. According to billionaire investor Mark Cuban, this support may have less to do with Trump's pro-crypto regulatory stance and more to do with a calculated play to “pump” Bitcoin prices.
Billionaire investor Mark Cuban
In a series of social media posts on Wednesday, Cuban emphasized that Trump's pro-crypto stance, while favorable, may not directly affect the price of cryptocurrencies.
Instead, Cuban argues the key factor lies in potential changes at the U.S. Securities and Exchange Commission (SEC) that could facilitate easier operations for cryptocurrency businesses. death.
But Cuban said what could boost Bitcoin prices is lower taxes and tariffs, which have historically had an inflationary effect. “It's a Bitcoin game,” he added, referring to Trump's tax agenda and Silicon Valley's appeal to those policies.
Drawing attention to the global uncertainty surrounding the geopolitical Vai of the United States and the potential impact on the US Dollar as the popular reserve currency, Cuban attributed these factors Favorably suited for BTC's significant price increase.
Cuban also emphasized the global nature of the Bitcoin market and its finite supply of 21 million BTC, making it an attractive asset if geopolitical instability and a decline in the US Dollar lead to a search globally for a “safe haven” currency. “How high can prices go? A lot higher than you think,” Cuban added.
While also a long-term cryptocurrency investor, Cuban admitted such a scenario seems far-fetched for the US economy, but Cuban pointed to countries grappling with hyperinflation that has increased in recent years. Bitcoin adoption to protect savings. Cuba added:
“And if things really go further than we can imagine today, then BTC will become exactly what Maxis envisions. A global currency.”
Recent reports indicate that Trump's announcement of U.S. Senator J.D. Vance as his running mate has solidified his support among Silicon Valley conservatives. Notably, crypto industry figures also pointed towards Trump, expressing disappointment with the Biden administration's approach to digital asset regulation.
Kraken co-founder and chairman Jesse Powell donated $1 million to Trump's 2024 election campaign, while the Winklevoss twins, founder of exchange Gemini , and Cathie Wood, CEO of Ark Invest , has voiced support for Trump, citing his progressive stance on cryptocurrencies as a key factor.
BTC 4-hour price chart | Source: TradingView.com
At the time of writing, Bitcoin is trading at $64,486, marking a 1-month high after a steep decline since June, which saw the price of the largest cryptocurrency hit its lowest in 6 months is $53,500.
You can XEM BTC price here.
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Minh Anh
According to Newsbtc
