Taking to Twitter on Wednesday, Mark Cuban explained why so many people who made their money in tech support Donald Trump.
Cuban himself is backing Joe Biden and has regularly promoted Democratic causes. Many other billionaires like Cuban have made it clear that they are supporting Donald Trump.
"Here is a contrary opinion on the emergence of Silicon Valley support for former President Trump. Which like all my opinions on here, probably won’t be popular,” Cuban wrote in a post on the social platform X. “It’s a bitcoin play."
The billionaire continued:
"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,” he added. “Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration."
Cuban closed his remarks:
“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. 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 [bitcoin maximalists] envision. A global currency."