- Citing economic justifications, Cathie Wood backs Trump’s reelection and commends his first three years in office.
- Wood believes Bitcoin might hit $3.8 million by 2030 due to growing institutional investment and ETF approvals.
- Trump’s backing of Bitcoin, despite donation limits, shows crypto’s impact on politics and hints at changing regulations.
The CEO of Ark Invest, Cathie Wood, disclosed her political views when she supported Donald Trump’s reelection. During her speech at the Millionaire Symposium in Las Vegas, she went into further detail on how her vote would be determined by financial factors.
“I’ll vote for whoever will do the best for our economy. I’m a voter when it comes to economics,” Wood said. “And on that basis, Trump.”
Arthur Laffer, an economist who counseled Trump throughout his 2016 presidential campaign, was likewise commended by Wood. She boasted that the first three years of Trump’s presidency had been “the best in US economic history,” praising its accomplishments.
Ark Invest’s Bitcoin Strategy
In comparison to these political stances, Cathie Wood appears Excessively enthusiastic about the future of Bitcoin. By 2030, she predicted, it would reach as much as $3.8 million. Aside from her belief that institutional investors quickly raise their Bitcoin holdings manifold, meaning they may be able to invest more than 5% of their portfolios in Crypto, such a bold prediction relies on faith.
Well, the HostName approval of Bitcoin spot exchange-traded funds conveniently opens the way for large investors. These ETFs ensure a more accessible and more regulated way for big players to gain Bitcoin exposure. Ark Invest has been leading the way in this movement in the US.
Together with 21Shares, Ark Invest proposed the establishment of the Ark 21Shares Bitcoin ETF (ARKB) in September 2023. This ETF was given permission to begin trading last January, thus entirely securing its top position and more deeply involving Ark Invest in the crypto market.
Trump’s crypto advocacy
Therefore, Ark Invest’s foray into Bitcoin is very close to Trump’s cheerleading in the crypto. He has shown no hesitation in his full support of Bitcoin and the crypto sector at large. Significant donations in crypto have been received by his campaign, including a $2 million in Bitcoin from the Winklevoss twins themselves.
However, according to Bloomberg, these donations in Bitcoin violated the federal limit, with partial refunds made. This scenario shows that cryptocurrency plays a vital role in political campaigns and endorsements. Cathie Wood endorses Trump, but with a positive outlook toward Bitcoin, one finds an overlap between economic policy and cryptocurrency.
Seeing the rise of institutional adoption into Bitcoin through ETFs sets quite a view of the future of the crypto market. Big ambitions from Wood and support for her by Trump means a future change in cryptocurrency investing and regulation can be considerable.
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