Cathie Wood Supports Trumps Economic Policies as Cryptocurrency Emerges as an Election Topic
Ark Invest CEO Cathie Wood has announced her support for former President Donald Trump in the upcoming U.S. presidential election, citing economic reasons as the primary factor in her decision.
Wood’s endorsement comes as part of a growing trend of billionaire support for Trump’s campaign and a heightened focus on cryptocurrency in the political arena.
Speaking at a conference in Las Vegas, Wood referenced economist Arthur Laffer’s assessment that the first three years of the Trump presidency were “the best in U.S. economic history,” excluding the final year due to the COVID-19 pandemic.
Wood’s endorsement aligns with a recent surge in support for Trump from several high-profile billionaires. Stephen Schwarzman, CEO and co-founder of Blackstone, recently announced his backing of Trump after previously calling for new leadership in the Republican Party. Other notable supporters include John Paulson, who hosted a fundraiser for Trump’s campaign in Palm Beach, Florida, and Timothy Mellon, who made a substantial $50 million contribution to a pro-Trump super PAC.
The influx of billionaire support has significantly boosted Trump’s campaign coffers. A fundraiser hosted by Paulson in early April reportedly netted over $50 million for the Trump campaign. This financial backing comes at a crucial time as Trump aims to level the playing field in the fundraising battle against President Biden.
Cryptocurrency has emerged as a notable factor in this election cycle. Trump’s campaign has been accepting donations in cryptocurrencies since last month, and the former president has given speeches advocating for crypto, non-fungible tokens (NFTs), and Bitcoin mining. This stance appears to align with Wood’s long-standing bullish outlook on Bitcoin and cryptocurrency in general.
Ark Invest, under Wood’s leadership, has been a pioneer in cryptocurrency investment. In 2015, the company’s ARK Web x.0 ETF became the first ETF to invest in Bitcoin. Since then, Ark has expanded its crypto-related investments, including purchasing shares in companies like Coinbase. Wood recently made headlines with her bold prediction that Bitcoin could reach $3.8 million by 2030, driven by her belief that institutional investors will significantly increase their Bitcoin allocations.
The cryptocurrency angle in this election cycle gained further traction when Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, donated Bitcoin worth $2 million to the Trump campaign. However, it was reported that this donation exceeded federal limits and was partially refunded.
Not to be left behind, President Biden’s campaign is also reportedly in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce. This move suggests that both major parties recognize the growing importance of the crypto sector and its potential impact on campaign financing.
