Things are not looking good for Joe Biden since he fumbled in the debate against Donald Trump, a crypto supporter. Silicon Valley is home to some of the smartest brains on planet Earth who were among the early adopters of cryptocurrency. Still, due to Biden’s anti-crypto stance, a few leaders, including Elon Musk, have withdrawn support for the Democratic president.
The political landscape in the US, especially in the November POTUS elections, has left CEOs to make tough financial calls. Since Biden debated with Trump, Democrats have been calling on Joe Biden to resign due to health issues.
Elon Musk Shows Support For Trump
Tech giants such as Elon Musk, who was a Democrat, joined the Republicans and contributed to the physical shift in the Valley. Elon Musk has joined in support of Donald J. Trump after his attempted assassination over the weekend.
Elon Musk previously voted for Joe Biden and, in a recent series of tweets, shared how Silicon Valley’s allegiance has shifted.
As a reminder, Doug Leone of Sequoia Capital publicly voiced his support for Trump 6 weeks ago.
Silicon Valley has shifted. https://t.co/MjFT50HPgW
— Elon Musk (@elonmusk) July 16, 2024
In addition to Elon Musk, Bill Ackman, David Sacks, and Jacqueline Sacks have also shown support for Trump.
Silicon Valley Execs Hold on to Self-Interest
Silicon Valley is a catch-all name for California’s high-tech industry and refers to the Northern California region where high-tech businesses have flourished. In addition to tech, Silicon Valley has played a role in crypto adoption in the United States.
“There has been a sea change [in Silicon Valley]. We’ve gone from loud voices in the community speaking out on behalf of Biden, now those voices are getting quiet,” says @Jessicalessin. “These tech leaders say they are being moved by policy…by Trump’s support of crypto.” pic.twitter.com/ZsYLps8F9V
— Squawk Box (@SquawkCNBC) July 17, 2024
In response to what is going on in Silicon Valley, Jessica E. Lessin says “There has been a sea change [in the Valley]. We’ve gone from loud voices in the community speaking out on behalf of Biden, now those voices are getting quiet.”
According to Jessica, Tech heads in Silicon Valley are being moved by policy. She adds, “These tech leaders say they are being moved by policy…by Trump’s support of crypto, by AI.” However, she argues there is no link between Trump and Tech.
Crypto has also been discussed in the ongoing presidential campaign. In addition, crypto investment and trade have become prominent in the valley. Last year, during the crypto winter, the community witnessed the collapse of Silicon Valley Bank, a crypto-friendly institution.
