Cathie Wood of Ark Invest will vote for Donald Trump and justifies this with the economic strategy

Ark Invest CEO Cathie Wood has revealed that she would rather vote for former President Trump than President Biden in November’s presidential election, saying her decision is based on who she believes is best for the country’s economy.

Wood announced her decision over the weekend in an interview with YouTuber Kevin Paffrath, when he asked her to choose between Trump and Biden.

She said she discussed the election with her children and told them she would vote for the candidate who best supports the U.S. economy. “I’m a voter when it comes to the economy, and on that basis – Trump,” she said.

Ark Invest Founder Cathie Wood (@CathieDWood) announces she will support Donald Trump for President in 2024

pic.twitter.com/9Komk8EXZ1

— ALX 🇺🇸 (@alx) June 24, 2024

Cathie Wood quotes Laffer on Trump’s economic legacy

She mentioned economist Arthur Laffer’s assessment that Trump’s presidency from 2017 to 2021 was the strongest period in U.S. economic history, with the exception of the last year affected by COVID-19. Laffer had advised Trump during his 2016 presidential campaign. He co-authored the book “Trumponomics: Inside the America First Plan to Revive Our Economy” with Stephen Moore.

In 2019, Trump awarded Laffer the Presidential Medal of Freedom , the nation’s highest civilian honor, in recognition of Laffer’s “groundbreaking economic theories” and their influence on policy.

Cathie Wood is considered one of the leading proponents of cryptocurrency and is personally and professionally invested in Bitcoin and other digital assets. She sees Bitcoin as increasingly valuable as a hedge against inflation in countries with less stable currencies.

Meanwhile, Trump has shown a growing interest in cryptocurrencies as part of his campaign efforts. He has said he wants to reduce hostility towards cryptocurrencies in the US if he wins re-election, and he has emphasized his fondness for and understanding of cryptocurrencies, differentiating himself from current President Joe Biden

Trump receives support from billionaires

Wood’s informal support follows a trend in which several billionaires have provided money and support to Trump’s presidential campaign.

Blackstone CEO Stephen A. Schwarzman has said he will support Trump as a “voice for change.” The billionaire Winklevoss twins have also announced they will support the Republican presidential candidate with $1 million each in Bitcoin.