Billionaire entrepreneur and Shark Tank investor Mark Cuban has an explanation for why Silicon Valley elites are now backing Donald Trump: Bitcoin. 

The Dallas Mavericks owner and crypto fan said on X (aka Twitter) Wednesday that the seemingly sudden increase in funding and support for the ex-president and Republican front-runner for the November elections was a “Bitcoin play.” 

Tech bigwigs—most notably Tesla CEO Elon Musk—have recently come out to support Donald Trump. The Wall Street Journal yesterday reported that Musk plans to commit around $45 million a month to back Trump’s campaign.

Crypto entrepreneurs are also backing the former leader’s presidential re-run. Such businessmen have also donated millions of dollars in digital assets like Bitcoin to the cause.

Cuban wrote: “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.”

He added that low taxes and tariffs—both Trump policies—would push the price of the biggest digital coin up further. 

“Combine that with global uncertainty as to the geopolitical role of the U.S.A., and the impact on the U.S. Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration,” he continued, adding that the price of Bitcoin could go “way higher than you think.”

Trump previously criticized the Bitcoin space but has recently positioned himself as the crypto-friendly hopeful in the race. He has said he will “defend the right to mine Bitcoin” and later this month will speak at the 2024 Bitcoin Conference in Nashville, Tenn.

Edited by Ryan Ozawa.