$5.5 billion worth Mark Cuban breaks down exactly why Donald Trump is getting tech leaders' support: "It's a bitcoin play"
With the US Presidential elections taking place in a couple of months, Dallas Mavericks minority owner Mark Cuban shared an interesting angle. He talked about the possible reason why former President Donald Trump is receiving support from tech leaders.
The Presidential race continues to be a trending topic as of late, due to the possible implications on whoever the winner ends up being.
Aside from being associated with the popular NBA franchise, Cuban is also known as a prominent presence on ABC's 'Shark Tank'. His resume as a successful businessman and investor needs no further explanation as he currently has a net worth of $5.5 billion, according to Celebrity Net Worth.
Cuban shared his comments regarding the sudden rise of Silicon Valley's support for Trump on X, formerly known as Twitter.
"It's a bitcoin play," Cuban said. "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 crypto business because of the inevitable, and required changes at the SEC."
Mark Cuban also highlighted how this move, coupled with the context of Trump winning the US elections, could lead to a price increase in Bitcoin. There's no certainty on how the global market will look in the long run. This is why Cuban pointed out Bitcoin being the kind of currency that more countries will look into utilizing.
In the process, he also sees the US dollar being resorted to a backup kind of currency.
Moreover, one of the major tech leaders in the country who gave his endorsement to Donald Trump happens to be the CEO of Tesla, Elon Musk.
Mark Cuban thinks social media algorithms will play a big role in this year's US elections
Social media has vastly grown its reach in terms of its capabilities and implications for society in general. However, it has also created a spectrum where users often rely upon the information disseminated on social media platforms.
The problem therein lies with how information has already gone through several curations by the sender before it reaches the receivers.
Mark Cuban highlighted this predicament as a factor that could play a vital role in this year's US elections. He shared his comments on the matter in a post on X.
"This seems to be a race where everyone's frame of references is influenced more by the narratives delivered by the algorithms," Cuban said. "We consume than the actual events themselves. ... The most influential positions in politics is whoever controls the algorithms for each significant online platform. ..."
The US population has somewhat of an idea of what to expect from the two top candidates for the position of President. However, Mark Cuban argued that this is because of how they are presented by means of social media algorithms.