The crypto community, boasting millions of enthusiasts, is poised to exert significant influence in the upcoming U.S. elections. Recent victories for the crypto industry underscore its growing impact on American politics and policy in Washington.
Cathie Wood, CEO of ARK Invest, noted that cryptocurrency has emerged as a critical election issue, pointing to the unexpected approval of ether exchange-traded funds (ETFs) as evidence of this political shift.
Speaking at Consensus 2024, Wood remarked, “The read was it was not going to be approved. It was absolutely not going to be approved. If it were to have been approved the regular way, we would have been getting questions from the SEC. No one was getting questions from the SEC beforehand.”
Wood, who also serves as ARK Invest’s chief investment officer, highlighted the evolving sentiment around the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House, which recently passed with bipartisan support, demonstrating its significance as an election-year issue.
Another key factor, according to Wood, was former President Donald Trump’s endorsement of bitcoin and cryptocurrency. “That week, he said he would accept campaign donations in crypto,” Wood noted, which captured the administration’s attention.
Wood also addressed the potential approval of a Solana ETF but expressed skepticism about meme coin-focused funds due to the reluctance of brokers and investment advisors to embrace anything beyond the primary cryptocurrencies.
During her speech, Wood reiterated ARK’s view of bitcoin (BTC) as a public good. She mentioned that the Ark 21Shares Bitcoin ETF, approved in January with a fee of 0.21%, aims to be widely accessible. “We should make [the ETF] as accessible as possible to as many people as possible, so keep the fee very low,” she stated.
Wood also announced that ARK will allocate a portion of its private fund revenues to support Bitcoin developers, ensuring they receive consistent backing regardless of the ETF’s profitability.
Known for her bullish stance on bitcoin, Wood predicts BTC could reach $1.5 million by 2030, describing it as a “financial superhighway.” Despite the progress in approving ether ETFs, she reaffirmed her preference for bitcoin over ether when asked which she would rather hold.
“Bitcoin, hands down. No question about it. It is a global monetary system. It is a technology, and it is a new asset class. Those are three big ideas in one, and nothing else in the crypto world is competing with it,” she concluded.
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