Cathie Wood, CEO of Ark Invest, recently declared her support for Donald Trump in the upcoming presidential election. She believes that Trump will be the best for the US economy.
“I am going to vote for the person who’s going to do the best for our economy. I am a voter when it comes to economics,” said Wood, speaking at the Millionaire Symposium event in Las Vegas this weekend. “And on that basis, Trump.”
In her speech, Wood also mentioned economist Arthur Laffer, who served as an economic advisor to Trump’s 2016 campaign. She said the first three years of the Trump administration before the COVID pandemic were the “best in US economic history.”
Wood has long been known for her bullish outlook on Bitcoin’s price. She recently made headlines with her bold prediction that Bitcoin could hit $3.8 million by 2030.Wood’s bullish outlook is primarily driven by her belief that institutional investors will considerably increase their Bitcoin allocations, potentially investing over 5% of their portfolios into crypto.The approval of Bitcoin spot exchange-traded funds (ETFs) has facilitated institutional adoption. These funds provide a more accessible and regulated way for large investors to gain exposure to Bitcoin.Ark Invest was an early mover in the race to launch a spot Bitcoin ETF in the US. In September 2023, ARK Invest applied to launch the Ark 21Shares Bitcoin ETF (ARKB) in partnership with 21Shares. Their proposed ETF was approval of Bitcoin spot exchange-traded funds in January of this year.Ark Invest’s Bitcoin involvement seems to align with Trump’s newfound crypto advocacy. In recent months, Trump has publicly voiced support for Bitcoin and the crypto sector.Trump’s campaign has received significant crypto donations, including $2 million in Bitcoin from the Winklevoss twins. However, Bloomberg reported that their Bitcoin donations exceeded the federal limit and were partially refunded.
