QCP Capital Co-Founder: BlackRock's Entry Into Crypto Has More Impact Than US Presidential Election

Darius Sit, co-founder and chief investment officer of Singapore-based crypto trading firm QCP Capital, believes that the entry of the world's largest asset manager BlackRock (BlackRock) into the crypto space has had a more significant impact than the U.S. presidential election, according to CoinDesk. Although the support of Republican candidate Donald Trump may bring short-term market volatility, Sit pointed out that BlackRock's Bitcoin ETF has brought cryptocurrencies into the mainstream investment arena. Sit said that when BlackRock CEO Larry Fink publicly stated on CNBC that Bitcoin is a “store of value”, it marked the beginning of the crypto space. When BlackRock CEO Larry Fink publicly stated on CNBC that Bitcoin is a “store of value,” it signaled the elevation of cryptocurrencies in the US investment market.

In addition, Sit noted that despite Trump's promise to create a more crypto-friendly policy in his campaign, the growth potential of the global market remains to be seen. qcp has recently expanded its operations in Abu Dhabi, where regulators view digital assets as part of the capital markets, providing a stable market environment.