‘The Virtue of Selfishness’: Mark Cuban’s Theory On Why Tech Tycoons Are Really Supporting Trump

AP Photo/Rick Bowmer

Billionaire entrepreneur and Shark Tank personality, Mark Cuban, offered his take on Wednesday as to why so many Silicon Valley tech titans are throwing their support behind Donald Trump for president.

Cuban, who has been debating with MAGA figures on X for months, posted, “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 added:

It’s a bitcoin play.
Not because the former President is a far stronger proponent of crypto. That’s nice. But doesn’t really impact the price of crypto. It makes it easier to operate a crypto business because of the inevitable, and required, changes at the SEC
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 US Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration.

Cuban himself owns some Bitcoin, saying in January during a Q&A that “his crypto portfolio includes Bitcoin, Ethereum, Polygon and Injective, and that his NBA team the Dallas Mavericks still accepts Dogecoin as payment. Cuban also mentioned that when it comes to crypto overall, he ‘hate[s] the speculation but love[s] when there is utility,’” reported Nasdaq.com.

Last month, Moody’s Analytics forecast that should Trump be reelected his politics would lead to an uptick in inflation. “Trump policies — including higher tariffs, tax cuts that stimulate the economy and an exodus of foreign immigrants that could tighten the labor market and increase labor costs — would fuel the uptick in inflation,” noted the Hill of the Moody’s report.

Cuban expanded on his theory further, writing, “How high can the price go. Way higher than you think. Remember, the market for BTC is global. And the supply has a final limit of 21m BTC, with unlimited fractionalization.” Cuban added:

Keep that in mind as you consider what happens if because of geopolitical uncertainty and the decline of the dollar as the reserve currency, BTC becomes a “safe haven” globally. 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.
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.

Billionaire David Sacks, who was roasted for his Putin sympathizing RNC speech Monday, posted a list of tech notables supporting Trump, including:

Ben Horowitz
Bill Ackman
Cameron Winklevoss
Doug Leone
Elon Musk
Eoghan McCabe
Ken Howery
Kyle Samani
Marc Andreessen
Jacob Helberg
Joe Lonsdale
Palmer Luckey
Peter Thiel
Shaun Maguire
Trevor Traina
Tushar Jain
Tyler Winklevoss

Elon Musk, who has vowed to donate tens and tens of millions to Trump’s reelection effort, shared that list, writing, “ The choice is clear.” Cuban hit back with the jab, “The Virtue of Selfishness.”

The Virtue of Selfishness https://t.co/WmwwPA2lmB

— Mark Cuban (@mcuban) July 17, 2024

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