Silicon Valley Using Trump For A Bitcoin Pump Play? Mark Cuban Weighs In
18 July 2024 - 5:47AM
NEWSBTC
As the 2024 presidential race heats up, a new debate has emerged
regarding Silicon Valley’s recent support for former President
Donald Trump’s comeback bid for the White House. According to
billionaire investor Mark Cuban, this support may have less to do
with Trump’s pro-crypto regulatory stance and more with a
calculated play to “pump” the Bitcoin price. Cuban Sparks
Debate On Trump, Silicon Valley, And Bitcoin In a series of social
media posts on Wednesday, Cuban highlights that Trump’s pro-crypto
stance, while favorable, may not directly impact the price of
cryptocurrencies. Instead, Cuban argues that the
crucial factor lies in the potential changes at the Securities and
Exchange Commission (SEC) that could facilitate the easier
operation of crypto businesses. Related Reading: PEPE
Explosion Imminent: Analyst Predicts Price Will Rocket To
$0.00004128 ATH But what could drive Bitcoin’s price, Cuban said,
are lower tax rates and tariffs, which historically have had an
inflationary effect. “It’s a Bitcoin play,” 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 role of the United States and the
potential impact on the US Dollar as the prevailing reserve
currency, Cuban suggests that these factors align favorably for a
significant acceleration in BTC’s price. BTC As Global
Currency? Cuban also emphasized the global nature of the
Bitcoin market and the finite supply of 21 million BTC, making it a
compelling asset if geopolitical uncertainty and the decline of the
US Dollar lead to a global search for a “safe haven” currency. “How
high can the price go. Way higher than you think.” Cuban
added. Although Cuban, who is also a long-term crypto
investor, admits that such a scenario may seem remote in the US
economy, he points out that countries struggling with
hyperinflation have already seen a rise in adopting Bitcoin to
safeguard savings. Cuban further said: And if things really go
further than we can imagine today (and I’m not saying they will.
Just that this has a possibility somewhere above zero) , then BTC
becomes exactly what the Maxis envision. A global currency. Related
Reading: Pro-XRP Lawyer Debunks Ripple-SEC Settlement Rumor For
Tomorrow Recent reports indicate that Trump’s announcement of Sen.
JD Vance as his running mate has bolstered his support among
Silicon Valley conservatives. Notably, figures within the crypto
industry have also gravitated toward Trump, expressing frustration
with the Biden administration’s approach to digital asset
regulation. Kraken’s co-founder and chairman, Jesse Powell,
donated $1 million to Trump’s 2024 election campaign, while the
Winklevoss twins, co-founders of Gemini exchange, and Cathie Wood,
CEO of Ark Invest, have voiced their support for Trump, citing his
progressive stance on crypto as a key factor. At the time of
writing, Bitcoin was trading at $64,560, marking a 1-month high
after a steep decline since June that saw the price of the largest
cryptocurrency hit a 6-month low of $53,500. Featured image
from the LA Times, chart from TradingView.com
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