Ark Invest CEO Cathie Wood will vote for Trump to keep Bitcoin rising

Ark Invest CEO Cathie Wood recently announced her support for Donald Trump in the upcoming presidential election. She believes Trump will be best for the U.S. economy.
Cathie Wood's endorsement comes as several billionaires back Trump's re-election campaign. Among them is Blackstone Group CEO and co-founder Stephen Schwarzman, who is reportedly endorsing Trump in the 2024 campaign.

Events Translation

Cathie Wood, a leading figure in the investment world, clearly expressed her stance during an interview with financial analyst and YouTuber Kevin Paffrath. When asked to choose between Donald Trump and current President Joe Biden, Wood stated that she would vote for the person she believes would best serve the country's economy.

"As I tell my children...as I tell them, 'Look, I'm going to vote for those who do the best for our economy. I am an economics voter, and on that basis, Trump,'" Cathie Wood said this weekend at a Las Vegas conference organized by financial content creator Kevin Paffrath.

In her subsequent remarks, Wood cited economist Arthur Laffer, stating that the first three years of the Trump administration before the COVID-19 pandemic were "the best three years in U.S. economic history." Laffer was an economic advisor to Trump's 2016 campaign.

Cathie Wood's Bitcoin Prediction

Cathie Wood has long been known for her bullish outlook on Bitcoin's price. Recently, she made headlines for her bold prediction that Bitcoin could reach $3.8 million by 2030. Wood's optimistic outlook is primarily based on her belief that institutional investors will significantly increase their Bitcoin allocations, potentially investing over 5% of their portfolios in cryptocurrency.

The approval of Bitcoin spot exchange-traded funds (ETFs) has facilitated institutional adoption. These funds provide large investors with a more accessible and regulated way to gain exposure to Bitcoin. Ark Invest is a pioneer in launching spot Bitcoin ETFs in the U.S. In September 2023, ARK Invest applied to launch the Ark 21Shares Bitcoin ETF (ARKB) in collaboration with 21Shares. Their proposed ETF was approved for trading in January of this year.

Trump's Cryptocurrency Donations

Donald Trump has been outspoken in his support for cryptocurrencies, non-fungible tokens (NFTs), and Bitcoin mining. Since last month, he began accepting cryptocurrency donations for his political campaign. Just last week, Cameron and Tyler Winklevoss made a significant contribution to Trump’s campaign. The Winklevoss twins, pioneers in the cryptocurrency field and founders of the cryptocurrency exchange Gemini, generously donated 30.94 Bitcoins, worth approximately $2 million, to Trump's campaign. Their support reflects Trump's unwavering stance on cryptocurrencies and their desire to counter what they perceive as the Biden administration's "war on crypto."

Biden to Accept Cryptocurrency Donations

Earlier this month, it was reported that Biden's campaign team is in talks with cryptocurrency industry insiders to discuss the possibility of accepting cryptocurrency donations through Coinbase Commerce. Biden considering accepting cryptocurrency donations indicates that his campaign team is trying to attract crypto enthusiasts. Some experts on Capitol Hill previously believed that this election could be decided by a narrow margin, so attracting wealthy cryptocurrency supporters and accepting cryptocurrency donations is seen as another channel to increase campaign funds.

Biden's campaign team did not immediately respond to media requests for comment, but sources familiar with the matter revealed that the Biden campaign team has been strengthening its interaction with the cryptocurrency community in recent weeks. This shift occurred shortly after Trump publicly expressed support for cryptocurrencies. Since then, the Biden team has become more active in formulating cryptocurrency policies, especially after Biden was criticized for vetoing the bipartisan effort to repeal the SAB 121 bill, which cryptocurrency supporters believe hinders the industry's development in the U.S.

A source close to the matter emphasized that discussions about Biden's campaign team accepting cryptocurrency donations are still in the exploratory stage. He stated: "Some people on the periphery of Biden's core circle are now clearly telling the Biden team that if you remain silent on cryptocurrency issues and do not keep up with the progress, you may lose the election."

Trump's Challenges in Re-Election

• Legal Issues: Trump currently faces multiple legal issues and lawsuits, including investigations related to his business activities, his actions following the 2020 election, and other potential criminal and civil cases.
• Party Opposition: Some within the Republican Party believe that Trump's extreme rhetoric and behavior could alienate moderate voters, affecting the party's overall election prospects. Recently, former Republican Congressman Adam Kinzinger announced that he would vote for Biden, and 40/44 of Trump's former cabinet members, including Mike Pence, will not vote for or support Donald Trump.
• Image Contrast: Trump's presidency and subsequent behavior have polarized his public image, causing many voters to be skeptical of his promises during the election campaign.