Donald Trump Will Launch New NFT Collection in the Middle of the US Presidential Election Campaign

Previously, billionaire and Dallas Mavericks owner Mark Cuban revealed the reason why many crypto company bosses or crypto-related parties supported Donald Trump in this year's US election. Cuban said this was just a Bitcoin game.

“This is a bitcoin game. What's going to drive the price of bitcoin is lower rates and lower tax rates, which if history is any guide and it's not always, will be inflationary,” Mark Cuban said on his social media, as quoted by Yahoo Finance, Friday (7/19/2024).

Prominent tech CEOs like Elon Musk have endorsed Trump for the 2024 election, and given his presidential candidate millions of dollars in support. The Tesla CEO himself is spending about $45 million a month on Trump’s campaign. Gemini crypto exchange founders Tyler and Cameron Winklevoss have also donated $2 million to Trump.

Other tech entrepreneurs such as Palantir co-founder Joe Lonsdale have donated $1 million to super PACs supporting Trump, while investors from Sequoia Capital have also each donated $1 million.

However, Cuban believes the industry voted for Trump because of his influence on bitcoin prices, not because he claims to support the digital asset.

“It’s not that the former president is a much stronger supporter of crypto. That’s fine,” Cuban explained.

Cuban added that this does not have much impact on crypto prices. It makes it easier to operate a crypto business because of the inevitable changes required by the US Securities and Exchange Commission (SEC).

In recent months, Trump has changed his stance on bitcoin. While he previously called bitcoin a scam, the former president has now vowed to defend the right to mine bitcoin and will headline a high-profile bitcoin conference later this month in Tennessee.