Cathie Wood, CEO of Ark Invest, has expressed her support for Donald Trump in the upcoming presidential election. She believes that he will be the best candidate for the US economy. Wood made these comments at a recent event in Las Vegas, where she stated that she is a voter when it comes to economics and, on that basis, she supports Trump. She also mentioned economist Arthur Laffer, who was an economic advisor to Trump’s 2016 campaign, and described the first three years of the Trump administration before the COVID pandemic as the “best in US economic history.”
Wood is well known for her positive outlook on Bitcoin’s price and recently gained attention for predicting that it could reach $3.8 million by 2030. She believes that institutional investors will significantly increase their Bitcoin allocations, potentially investing over 5% of their portfolios into crypto. The approval of Bitcoin spot exchange-traded funds (ETFs) has made it easier for large investors to gain exposure to Bitcoin in a more regulated way. In this regard, Ark Invest was an early mover in the race to launch a spot Bitcoin ETF in the US, partnering with 21Shares to launch the Ark 21Shares Bitcoin ETF (ARKB) in January of this year.
It seems that Wood’s involvement in Bitcoin aligns with Trump’s support for the crypto sector. Trump has recently voiced his approval of Bitcoin and has received large crypto donations for his campaign, including $2 million in Bitcoin from the Winklevoss twins. However, Bloomberg reported that some of these donations exceeded federal limits and were partially refunded. Despite this setback, Wood remains optimistic about both Bitcoin and Trump’s potential impact on the US economy.