According to recent reports, President Biden is losing support from Silicon Valley, a tech hub full of left-leaning billionaires who have historically supported Democrats. The discontent demonstrates that Joe Biden’s plummeting popularity is even manifesting among some of his party’s most loyal supporters.
The president’s policies geared toward limiting cryptocurrency’s capabilities and over-imposing tax proposals are reportedly the source of criticism from Silicon Valley. Many have argued that the Biden administration has been detrimental to the business environment despite his campaign’s incessant claims that the economy is thriving.
Furthermore, Biden has taken an increasingly hostile stance toward the nation’s wealthiest individuals, touting a 25% “billionaire tax” while pushing more anti-trust regulation from the Federal Trade Commission.
As a result, many business moguls have begun abandoning the Democratic Party and turning to former President Donald Trump, and some have even publicly voiced their support for the leading Republican. Prominent figures such as David Sacks, Chamath Palihapitiya, Marc Andreessen, and Shaun Maguire have admonished Biden over his latest initiatives. “It’s impossible to support Biden,” Keith Rabois, an early executive at PayPal who was also involved in other companies such as LinkedIn, Square, and Slide, said.
“I have bigger disagreements with Biden than with Trump,” Sacks reportedly stated during a recent tech conference. He further sounded off on Biden’s tax proposal, which would penalize startup founders who would not provide stock options to employees. “It’s a good reason for Silicon Valley to think really hard about who it wants to vote for,” Sacks added.
Townhall’s Matt Vespa illustrated how significant it is that Silicon Valley’s elite are beginning to shun the Democratic Party. “You must be a deplorable president to lose one of the most reliable bases of support for Democrats: Silicon Valley. Joe Biden lost these guys, which is pathetic. It’s a cadre of billionaire leftists who would fund any Democrat to the hilt. So, what caused so much love to be lost in one term?” he said.
He further outlined Biden’s policies’ negative impact on his support from the business community in Silicon Valley. “They hate Biden’s policies that entail the reining of cryptocurrency and new tax proposals. Yet, overall, Biden is bad for business, which hurls a rock through the glass house narrative this administration has created regarding how they’re building the greatest period of economic growth known to man. Some have voiced support for Trump, others are hosting fundraisers for the former presidents, and others are bashing Biden on social media but stopping short of endorsing Trump in this year’s cycle,” Vespa continued.
However, former president Donald Trump took the opportunity to signal to America’s tech community that he is “positive and open-minded” toward cryptocurrency, emphasizing he is seeking to fuel America’s innovation in the field.
Trump wrote on Truth Social, “I AM VERY POSITIVE AND OPEN MINDED TO CRYPTOCURRENCY COMPANIES, AND ALL THINGS RELATED TO THIS NEW AND BURGEONING INDUSTRY. OUR COUNTRY MUST BE THE LEADER IN THE FIELD. THERE IS NO SECOND PLACE. CROOKED JOE BIDEN, ON THE OTHER HAND, THE WORST PRESIDENT IN THE HISTORY OF OUR COUNTRY, WANTS IT TO DIE A SLOW AND PAINFUL DEATH. THAT WILL NEVER HAPPEN WITH ME!”
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