Shark Tank’s Mark Cuban, the billionaire owner of the Dallas Mavericks, says that Silicon Valley tech entrepreneurs are supporting Donald Trump for president as nothing more than a “bitcoin play.”

“It’s a bitcoin play,” Cuban posted on social media. “What will drive the price of [bitcoin] is lower tax rates and tariffs, which if history is any guide (and it’s not always), will be inflationary,” he said.

“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the U.S. dollar as a reserve currency, and you can’t align the stars any better for a [bitcoin] price acceleration,” he explained.

Prominent tech CEOs like Elon Musk have endorsed Trump for the 2024 election, throwing millions behind his presidential ticket. The Tesla CEO alone is spending approximately $45 million per month to the Trump election campaign. Gemini co-founders Tyler and Cameron Winklevoss have also donated $2 million to Trump. Other tech entrepreneurs like Palantir co-founder Joe Lonsdale have contributed $1 million to a super PAC (political action committee) supporting Trump, while investors from Sequoia Capital investors have also donated $1 million apiece.

Cuban, however, believes the industry is opting for Trump because of how he impacts bitcoin's price, not because he claims to support digital assets. “Not because the former President is a far stronger proponent of crypto. That’s nice,” Cuban explained. “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 [U.S. Securities and Exchange Commission].”

In recent months, Trump has shifted his tune on bitcoin. Although he previously called bitcoin a scam, the former president now pledges to “defend the right to mine bitcoin” and will be headlining bitcoin’s most well-known conference later this month in Tennessee.