Cathie Wood, CEO of Ark Invest, recently announced her support for Donald Trump in the upcoming presidential election. She believes that Trump will be the best president for the US economy.
“I will vote for the person who will do the best thing for our economy,” Wood said at the Millionaire Symposium event in Las Vegas over the weekend. “And on that basis, I choose Trump.”
Wood also mentioned economist Arthur Laffer, a former economic adviser to Trump's 2016 campaign. She said the first three years of the Trump administration before the COVID pandemic were “the best period in American economic history.”
Wood has long been known for his bullish stance on Bitcoin price. She recently made headlines with her bold prediction that the Bitcoin price could reach $3.8 million by 2030.
Wood's bullish outlook is primarily driven by the belief that institutional investors will significantly increase their capital allocation to Bitcoin, potentially investing more than 5% of their portfolios in the cryptocurrency .
The approval of spot Bitcoin ETFs has facilitated institutional adoption. These funds provide a more accessible and regulated way for large investors to gain exposure to Bitcoin.
Ark Invest is a frontrunner in the race to launch a spot Bitcoin ETF in the United States. In September 2023, ARK Invest applied to launch the Ark 21Shares Bitcoin ETF (ARKB) in partnership with 21Shares and was approved to trade in January this year.
Ark Invest's Bitcoin involvement appears to be in line with Trump's new cryptocurrency endorsement. In recent months, Trump has publicly voiced his support for Bitcoin and the cryptocurrency sector.
Trump's campaign has received significant donations in cryptocurrency, including $2 million in Bitcoin from the Winklevoss twins. However, Bloomberg reports that their Bitcoin donations exceeded the federal limit and were partially refunded.
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