Crypto Leaders Rally Behind Trump: Cathie Wood’s Endorsement Signals Industry Shift

UTC by Temitope Olatunji · 3 min read
Crypto Leaders Rally Behind Trump: Cathie Wood’s Endorsement Signals Industry Shift
Photo: Depositphotos

Ark Invest Chief Executive Officer (CEO) Cathie Wood has announced that she will be voting for Donald Trump in the upcoming 2024 US presidential election, citing economic reasons. This statement by Wood shows the growing trend of support among crypto leaders for Trump.

Cathie Wood revealed this in an interview she had at a Las Vegas conference; she praised the economy’s performance during the first three years of Trump’s previous administration, referencing economist Arthur Laffer’s assessment that this period was the best in US economic history.

The Ark Invest CEO has always been an advocate for cryptocurrency and recently said that BTC price could rise to $3.8 million by 2030. She also sees Bitcoin as a good way to protect against inflation, especially in countries with unstable money. Wood’s support for Trump comes from her belief that his policies would be better for the cryptocurrency industry, as she said:

“I am a voter when it comes to economics, and on that basis – Trump.”

Growing Crypto Industry Backing for Trump’s Campaign

Wood’s decision shows the growing support of leaders and investors in the crypto industry for Trump. Recently, the Winklevoss twins, who started the Gemini cryptocurrency, threw support for the former president’s campaign by donating $2 million in BTC to the cause.

Similarly, Raphael Zagury, Chief Investment Officer at Swan Bitcoin, recently stated that Trump’s positive comment about Bitcoin and recent acceptance of crypto donations will help the asset, causing a major change in the crypto industry.

Trump has shown that he’s now a strong supporter of cryptocurrencies, following his previous skepticism about the digital currency. In a recent post on Truth Social, the former president revealed he is open-minded about cryptocurrency industries and everything related to it, stating that the United States must be the leader in the field. He further said that the ongoing administration led by Joe Biden wants the crypto industry to die; however, with him in power, such would never happen.

Cryptocurrency’s Emerging Role in the 2024 Presidential Race

With crypto seemingly becoming a core factor in the decision-making process for the forthcoming US election, Biden’s team has also been talking with companies in the industry as they are looking into accepting cryptocurrency donations. This shows that both the Democratic and Republican parties are paying attention to digital currencies and seeing them as an essential part of politics in the modern world.

Donald Trump and Joe Biden’s campaigns are addressing issues around the cryptocurrency industry and making their positions on digital currencies known. The first debate between the two Presidential candidates, which is scheduled for June 27, is expected to include discussions about economic policies and the role of cryptocurrency.

The support of Cathie Wood and other major crypto players for Trump and the decision of Biden to consider donations in cryptocurrency shows the influence crypto is having and how it would be a major factor in the United States November Presidential election. Thus, whatever the outcome is, it will also be a key point for the future of cryptocurrency.

Altcoin News, Bitcoin News, Cryptocurrency News, News
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