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'It's a Bitcoin play' - Mark Cuban on why some tech leaders are embracing Trump

Kitco Media
By Michael McCrae
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'It's a Bitcoin play' - Mark Cuban on why some tech leaders are embracing Trump teaser image

Kitco News - There's a reason that tech luminaries such as Elon Musk and the founders of Andreessen and Horowitz are supporting Donald Trump this election cycle: a Trump presidency could be good for Bitcoin, said Mark Cuban in an X thread posted today. 

Cuban writes that Trump could likely be turbulent for the American financial system, which would see more people turning to cryptocurrencies. Cuban said Trump's policies of lower taxes and higher tariffs will be inflationary. He also expects that the U.S. Dollar's reserve currency status to be eroded, "...and you can’t align the stars any better for a BTC price acceleration."

 

Over the weekend, Elon Musk announced he would "fully endorse" Donald Trump after the attempted assassination of the former president. Musk also plans to donate approximately $45 million each month to a Trump-aligned political action committee. The Information reported yesterday at Marc Andreessen and Ben Horowitz will donate to a Trump PAC, too. Andreessen and Horowitz backed a number of blockchain start-ups during crypto's run-up earlier this decade. 

Marc Andreessen and Ben Horowitz published the reasoning behind their support for Trump on a podcast posted yesterday. The two argued that the policies of the Biden administration are stifling the tech industry. 

"The future of our business, the future of technology, the future of new technology and the future of America is literally at stake. So here we are," said Horowitz.

Trump's VP pick, J.D. Vance, was supported by tech entrepreneur Peter Thiel. 

[UPDATED: added comments from Andreessen and Horowitz.]

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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BitcoinElon MuskMark CubanDonald TrumpJD Vance

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