Amid the volatility in the crypto market, a hot news from Cathie Wood, CEO of Ark Invest, has created a wave of attention. According to Reuters, Wood has called on the new Donald Trump administration to put in place solid economic policies by retroactively implementing tax cuts for businesses and individuals, starting January 1, 2025.
The strong rally of Cathie Wood’s ARK Innovation fund, which has risen 17% since Trump’s victory, has drawn particular attention. The fund’s portfolio highlights electric carmaker Tesla and cryptocurrency exchange Coinbase, which have risen 54% and 7%, respectively. Other stocks like Robinhood and Block are also likely to benefit from crypto-friendly policies and artificial intelligence (AI).
Wood sees the Trump administration’s aggressive policies aimed at fostering innovation in crypto and AI as helping to reduce the burden of regulation and government costs on American businesses. She also emphasizes the need for clarity on tax policy to maintain market certainty.
Cathie Wood, a fierce supporter of Tesla and Elon Musk, has also shown a keen interest in AI and autonomous vehicles, investing heavily in Tesla. She has even sold some of her Tesla shares to reinvest in companies that could potentially benefit from this trend, such as Archer Aviation, a company developing autonomous aircraft.
ARK Invest is also a leading crypto advocate, launching a Bitcoin ETF in January. Wood stressed that a crypto crackdown under President Joe Biden could put the United States at a disadvantage, but she hopes the new administration will not deprive the world of innovation.
Joined by Wyoming Senator Cynthia Lummis, a crypto enthusiast, Cathie Wood is playing a key role in shaping crypto policy. While the initial excitement over Trump’s victory may have faded, Wood remains confident that market growth, particularly in crypto and tech stocks, will continue to expand.
Stay tuned to our blog for the latest updates in the crypto world. Source: Reuters.