Cathie Wood, the founder of ARK Invest, recently announced her support for former President Donald Trump in the upcoming U.S. presidential election. This comes at a time when Trump is actively courting the crypto vote, planning to speak at the Bitcoin 2024 conference, pushing his main opponent, Biden, to shift his stance on cryptocurrencies and urgently reappoint pro-crypto former officials to key White House positions.
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Cathie Wood, known as "the female stock god," made her stance clear during a recent conference in Las Vegas where she was interviewed by YouTuber Meet Kevin. When asked about her choice between Biden and Trump for the November election, Wood responded, "As I've told my kids, I'll vote for the person who will contribute the most to our economy... I vote on economic grounds, and on that basis, I support Trump." She further supported her choice by citing economist Arthur Laffer, stating that the three years before the COVID-19 outbreak under Trump's administration were among the best in U.S. economic history.
Although Kevin later took down the video, claiming he unintentionally shaped Wood's political stance, her opinion was clear. It's worth noting that Cathie Wood has been a long-time supporter of cryptocurrencies; her ARK Web x.0 ETF invested in Bitcoin as early as 2015, and ARK launched a Bitcoin spot ETF in January this year. Trump's recent pro-crypto moves, including accepting crypto donations, advocating for Bitcoin mining, promising to pardon the founder of Silk Road, and vowing to end Biden's war on crypto, may be part of why Wood supports him. The latest news suggests Trump might speak at the Bitcoin 2024 conference hosted by Bitcoin Magazine at the end of July.
Meanwhile, Biden, who has traditionally been against cryptocurrencies, seems to be shifting his stance under Trump's continuous attacks. There are rumors that the White House influenced the SEC's approval of an Ethereum spot ETF, and recently, they reappointed Carole House, who drafted a crypto executive order and is friendly towards cryptocurrencies, as a special advisor on cybersecurity and critical infrastructure policy for the National Security Council. Reports also indicate that Biden administration officials will attend a Bitcoin and blockchain roundtable in Washington, D.C., in early July, suggesting efforts to win back more crypto votes.
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