Cathie Wood’s vote is cementing Trump as a ‘pro-innovation’ crypto-friendly candidate
Donald Trump is becoming the pro-innovation candidate of choice for key cryptocurrency and traditional finance (TradFi) players.
Ark Invest CEO Cathie Wood was the latest high-profile investor to share her endorsement of Trump for the 2024 presidential elections, saying that she will vote for “who’s going to do the best job for our economy.”
Wood’s endorsement could further cement Trump’s status as a “pro-growth and pro-business” candidate for the November elections, according to Bitfinex Analysts, who exclusively told Cointelegraph:
“Wood argues that Trump’s economic policies, which focus on reducing regulations and taxes, are conducive to fostering innovation and technological advancement. She has emphasized that innovation is crucial for long-term economic growth and believes Trump’s policies will create a more favorable environment for disruptive technologies to thrive.”
Despite subsequently asking for the removal of the interview due to a lack of nuance in her political views, Wood’s comments come as a strong endorsement since she is considered one of the leading tech investors.
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Winklevoss twins, Bitcoin donations, signal more crypto support for Trump
Adding to Trump’s endorsements, Gemini co-founders Cameron and Tyler Winklevoss have each pledged $1 million in Bitcoin (BTC) towards the reelection of the former U.S. president.
In June 20 X posts, the Winklevoss twins said they planned to vote for the prospective Republican Party candidate, adding that Trump was “pro-Bitcoin” and “pro-crypto,” and President Joe Biden had “openly declared war against crypto” while in office.
The donation from the Winklevoss twins is a strong endorsement signal for the wider crypto industry, according to Bitfinex analysts, who wrote:
"This move signifies a growing perception of Trump as a pro-innovation candidate within the crypto and TradFi communities.”
However, part of the Winklevoss twins' Bitcoin donation was returned after it exceeded the maximum amount allowed under federal law, which is $844,600 per individual donation. It is uncertain whether the Trump 47 Committee returned the amount in Bitcoin or converted it to its equivalent value in cash.
On May 21, Trump announced that his 2024 presidential campaign would accept cryptocurrency donations. This could highlight Trump’s shift towards “a more favorable stance on digital assets,” according to Bitfinex analysts:
“This alignment with crypto-friendly policies has positioned Trump as a preferred candidate for those advocating for regulatory clarity and support for blockchain technology and cryptocurrencies. He’s also proclaimed himself to be the “Crypto President.”
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Trump could introduce more favorable crypto regulation and bolster crypto adoption
Trump’s potential reelection in November could be the beginning of a more innovation-friendly shift for the United States crypto industry that could boost mainstream adoption.
According to Bitfinex analysts, Trump could also introduce more crypto-friendly regulations:
“A Trump administration might prioritize creating a clear and supportive regulatory framework, encouraging innovation and investment in the crypto sector. This could lead to increased adoption of digital assets and a more robust integration of cryptocurrencies into the financial system, potentially spurring further growth in the industry.”
Despite the regulatory ramifications of the elections, it is important to remember that blockchain technology transcends political parties, according to Jason Allegrante, the chief legal and compliance officer of Fireblocks.
Allegrante told Cointelegraph:
“What’s remarkable about the industry’s positioning in this election cycle is that it will continue to prioritize the cause of innovation first and foremost even as it wades back into electoral politics. Republicans may benefit more this November simply because many already seem to understand the issues.”
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