Donald Trump is gaining favor as the pro-innovation candidate among key cryptocurrency and traditional finance (TradFi) players.
Cathie Wood, CEO of ARK Invest, is the latest high-profile investor to endorse Trump for the 2024 U.S. presidential election, stating she will vote for “who’s going to do the best job for our economy.”
Wood’s endorsement may further solidify Trump’s image as a “pro-growth and pro-business” candidate. Bitfinex analysts told Cointelegraph that Wood argues Trump’s economic policies, which emphasize reducing regulations and taxes, foster innovation and technological advancement.
She believes Trump’s policies will create a favorable environment for disruptive technologies to thrive, which is crucial for long-term economic growth.
Despite later requesting the removal of the interview due to a lack of nuance in her political views, Wood’s comments stand as a strong endorsement given her reputation as a leading tech investor.
Further bolstering Trump’s support in the crypto community, Gemini co-founders Cameron and Tyler Winklevoss have each pledged $1 million in Bitcoin towards Trump’s reelection.
In June 20 X posts, the Winklevoss twins declared their support for Trump, describing him as “pro-Bitcoin” and “pro-crypto,” while criticizing President Joe Biden for declaring “war against crypto” during his tenure.
The Winklevoss twins’ donation is seen as a significant endorsement within the crypto industry.
Bitfinex analysts noted, “This move signifies a growing perception of Trump as a pro-innovation candidate within the crypto and TradFi communities.”
However, part of the donation was returned as it exceeded the federal limit of $844,600 per individual. It remains unclear whether the excess amount was returned in Bitcoin or cash.
On May 21, Trump announced that his 2024 campaign would accept cryptocurrency donations, signaling a shift towards a more favorable stance on digital assets.
Bitfinex analysts suggest this alignment with crypto-friendly policies positions Trump as a preferred candidate for those advocating for regulatory clarity and support for blockchain technology and cryptocurrencies. Trump has even proclaimed himself the “Crypto President.”
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Trump’s potential reelection could usher in a more innovation-friendly era for the U.S. crypto industry, boosting mainstream adoption.
Bitfinex analysts speculate that a Trump administration might create a clear and supportive regulatory framework, encouraging innovation and investment in the crypto sector, potentially leading to increased adoption of digital assets and integration of cryptocurrencies into the financial system.
Jason Allegrante, chief legal and compliance officer of Fireblocks, emphasized that blockchain technology transcends political parties.
He 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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