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Cathie Wood backs Trump on economics as cryptocurrencies become election issue
TLDR
- Cathie Wood, CEO of Ark Invest, said she will vote for Donald Trump in the next US presidential election, citing economic reasons.
- Wood believes Trump would “do the best job for our economy” and refers to economist Arthur Laffer’s description of Trump’s first three years as “the best in the economic history of the United States.”
- Several billionaires, including Stephen Schwarzman, John Paulson and Timothy Mellon, have recently supported Trump’s campaign with significant donations.
- Trump has accepted cryptocurrency donations and expressed support for the cryptocurrency industry, while Biden’s campaign is also considering accepting cryptocurrency donations.
- Ark Invest has been a long-time supporter of cryptocurrency, particularly Bitcoin, in line with Trump’s recent defense of cryptocurrencies.
Cathie Wood, CEO of Ark Invest, announced his intention to vote for former President Donald Trump in the upcoming US presidential election, citing economic reasons as the main factor in his decision.
Wood’s endorsement comes amid a growing trend of billionaire support for Trump’s campaign and a growing focus on cryptocurrency in the political arena.
Speaking at a conference in Las Vegas, Wood said:
“I will vote for the person who will do the best job for our economy. I’m a voter when it comes to the economy and, on that basis, Trump.”
He referred to economist Arthur Laffer’s assessment that the first three years of Trump’s presidency were “the best in U.S. economic history,” excluding the last year due to the COVID-19 pandemic.
Wood’s endorsement is in line with the recent wave of support for Trump from several high-profile billionaires. Stephen Schwarzman, CEO and co-founder of Blackstone, recently announced his support for Trump after previously calling for new leadership in the Republican Party.
Other notable supporters include John Paulson, who hosted a Trump campaign fundraiser 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 increased Trump’s campaign coffers. A fundraiser hosted by Paulson in early April reportedly brought in more than $50 million for Trump’s campaign. This financial support 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 cryptocurrency donations since last month, and the former president has given speeches in support of cryptocurrencies, non-fungible tokens (NFTs) and Bitcoin mining.
This stance appears to be in line with Wood’s long-standing bullish outlook on Bitcoin and cryptocurrencies in general.
Ark Invest, under Wood’s leadership, was a pioneer in cryptocurrency investing. In 2015, the company’s ARK Web x.0 ETF became the first ETF to invest in Bitcoin.
Since then, Ark has expanded its cryptocurrency-related investments, including buying shares of 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 allocations to Bitcoin.
The cryptocurrency aspect of this election cycle gained further traction when Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, donated $2 million worth of Bitcoin to Trump’s 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 cryptocurrency donations via Coinbase Commerce.
This move suggests that both major parties recognize the growing importance of the cryptocurrency sector and its potential impact on campaign finance.