Cathie Woods endorsement solidifies Trump as a candidate supportive of innovation and cryptocurrencies

Donald Trump is emerging as the preferred candidate for prominent cryptocurrency and traditional finance (TradFi) players due to his pro-innovation stance. The latest high-profile endorsement came from Cathie Wood, CEO of Ark Invest, who expressed her support for Trump in the 2024 presidential elections, emphasizing the candidate’s potential impact on the economy.
Wood’s endorsement is seen as solidifying Trump’s position as a “pro-growth and pro-business” candidate for the upcoming elections, according to exclusive insights from Bitfinex Analysts, despite her subsequent request to remove the interview due to concerns about the lack of nuance in her political views. Her endorsement holds weight as she is considered a leading figure in the tech investment landscape.
In addition to Wood’s endorsement, Gemini co-founders Cameron and Tyler Winklevoss have each pledged $1 million in Bitcoin (BTC) towards the reelection of the former U.S. president, highlighting their belief in Trump’s pro-Bitcoin and pro-crypto stance. The Winklevoss twins publicly declared their support for Trump as the prospective Republican Party candidate, citing his favorable position on digital assets and contrasting it with President Joe Biden’s approach during his time in office.
However, part of the Winklevoss twins’ Bitcoin donation was returned as it exceeded the maximum amount allowed under federal law, raising uncertainty about the form of repayment – whether it was returned in Bitcoin or converted to its equivalent value in cash by the Trump 47 Committee.
Trump’s announcement on May 21 that his 2024 presidential campaign would accept cryptocurrency donations signals a potential shift towards a more favorable stance on digital assets. This move could pave the way for more innovation-friendly policies and regulations under a potential Trump reelection, according to insights from Bitfinex analysts. They also anticipate a boost in mainstream adoption and more crypto-friendly regulations if Trump secures a second term.
Despite the regulatory implications of the elections, Jason Allegrante, the chief legal and compliance officer of Fireblocks, emphasized that blockchain technology transcends political affiliations and parties. He highlighted the impact of crypto voters on the 2024 election and the continued disruption they are expected to bring.