Crypto is set to be a significant topic in the upcoming US presidential election in November. The SEC’s recent approval of spot Bitcoin ETFs and the potential approval of spot Ether ETFs tied to Ethereum have intensified the political involvement around cryptocurrencies.
Crypto-Friendly Trump for the Win?
Adding to the drama, Ark Invest CEO Cathie Wood announced her intention to vote for Donald Trump, citing economic reasons. Wood, a long-time crypto proponent, praised the economic performance during the first three years of Trump’s administration. She referenced economist Arthur Laffer’s views that this period was the “best in U.S. economic history.”
While speaking at a Las Vegas conference organized by financial content creator Kevin Paffrath, Wood was clear on her decision and she said she will focus on economic policies in her voting decision.
Major Crypto Donations Bolster Trump Campaign
But the stakes are very high, with the Winklevoss twins recently donating $2 million in Bitcoin to the Trump campaign, underscoring the growing intersection of cryptocurrency and politics. Trump has expressed strong support for the crypto industry, accepting donations in cryptocurrencies and advocating for crypto, non-fungible tokens (NFTs), and Bitcoin mining in his speeches.
Moreover, Raphael Zagury, Chief Investment Officer at Swan Bitcoin, also believes that Trump’s comments and recent crypto donation strategy will help the crypto asset to come into center stage and will be a positive move for the crypto industry.
Biden Campaign Also Engages with Crypto
Meanwhile, President Joe Biden’s campaign is not sitting idly by. They are also exploring crypto donations, engaging with cryptocurrency industry players through Coinbase Commerce. This bipartisan engagement with the crypto industry signals its rising importance in the political arena.
Ark Invest’s Continued Commitment to Crypto
However, Ark Invest, known for its early support of crypto, was the first ETF to invest in Bitcoin in 2015 and has continued to expand its investments in crypto-related companies like Coinbase. Hence it will be interesting to see the first televised presidential debate between Biden and Trump, scheduled for June 27, approaches. Crypto and economic policies are expected to be key topics, potentially shaping the future of the cryptocurrency market.
Political Funding, Crypto, and More
Cathie’s pro-crypto governance stance and the Winklevoss twins’ large donation highlight the influence crypto leaders have on political funding strategies. Their support for Trump reflects a trend of industry experts backing political candidates who promise favorable regulatory environments for digital assets.
As November approaches, the war of crypto and politics promises to make the election a pivotal moment for the future of digital assets in the US.
What’s your take on this development?
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