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Cryptocurrency's Growing Influence in U.S. Politics

Explore how cryptocurrency is shaping U.S. elections and impacting political decisions, with insights from ARK Invest's Cathie Wood.
Published on 2024-05-30

Cryptocurrency's Role in U.S. Elections

The cryptocurrency community, millions strong, is poised to significantly influence the upcoming U.S. elections. Recent victories for the crypto industry underscore its substantial impact on American politics and policy-making in Washington.

Political Shift and ETF Approvals

Cryptocurrency's emergence as a pivotal election issue is evident in the recent approval of ether exchange-traded funds (ETFs), as noted by ARK Invest CEO Cathie Wood. This shift in political sentiment is partly due to the Financial Innovation and Technology for the 21st Century Act (FIT21), which garnered bipartisan support in the House, highlighting its significance during the election year.

Influence of Key Political Figures

Former President Donald Trump's endorsement of bitcoin and cryptocurrency, including accepting campaign donations in crypto, has also drawn attention to the industry. Wood emphasized the potential approval of a Solana ETF, although she remains skeptical about meme coin-focused funds due to broker and advisor hesitance.

ARK Invest's Commitment to Bitcoin

ARK Invest maintains that bitcoin (BTC) is a public good. The Ark 21Shares Bitcoin ETF, approved with a low fee, aims to be widely accessible. ARK plans to allocate a portion of its private fund revenues to support Bitcoin developers, ensuring ongoing support irrespective of the ETF's profitability.

Cathie Wood's Optimism for Bitcoin

Cathie Wood is optimistic about bitcoin's future, predicting its value could reach $1.5 million by 2030. She describes bitcoin as a "financial super highway," emphasizing its role as a global monetary system, a technology, and a new asset class. Wood clearly favors bitcoin over ether, citing its unparalleled position in the crypto world.

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