Cathie Wood, the CEO of Ark Invest, has announced her support for Donald Trump in the upcoming U.S. presidential election, citing economic reasons as the primary factor in her decision. Wood's endorsement comes amid a growing trend of billionaire support for Trump's campaign and increasing focus on cryptocurrency in the political arena.

Trump's campaign has been accepting cryptocurrency donations since last month, and the former president has given speeches advocating for crypto, non-fungible tokens (NFTs), and Bitcoin mining. This stance appears to align with Wood's long-standing bullish outlook on Bitcoin and cryptocurrency in general.

The Winklevoss twins, founders of the Gemini cryptocurrency exchange, have also donated Bitcoin worth $2 million to the Trump campaign. However, it was reported that this donation exceeded federal limits and was partially refunded.

Not to be left behind, President Biden's campaign is also reportedly in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce. This move suggests that both major parties recognize the growing importance of the crypto sector and its potential impact on campaign financing.

Ark Invest, under Wood's leadership, has been a pioneer in cryptocurrency investment. In 2015, the company's ARK Web x.0 ETF became the first ETF to invest in Bitcoin. Since then, Ark has expanded its crypto-related investments, including purchasing shares in companies like Coinbase.

The influx of billionaire support and crypto donations has significantly boosted Trump's campaign coffers, potentially giving him an edge in the fundraising battle against President Biden. As the 2024 election approaches, the intersection of crypto and politics promises to be a key factor in shaping the future of digital assets in the U.S.