QCP Capital co-founder: BlackRock's entry into the crypto space has a more important impact than the U.S. presidential election

PANews reported on October 31 that Darius Sit, co-founder and chief investment officer of Singapore-based crypto trading company QCP Capital, believes that the impact of BlackRock, the world's largest asset management company, entering the crypto field is more important than the US presidential election. Although the support of Republican candidate Trump may bring short-term market volatility, Sit pointed out that BlackRock's Bitcoin ETF has brought cryptocurrencies into the mainstream investment field. Sit said that when BlackRock CEO Larry Fink publicly stated on CNBC that Bitcoin is a "store of value," it marked the improvement of the status of cryptocurrencies in the US investment market.

In addition, Sit also pointed out that despite Trump's promise to create a more friendly crypto policy during his campaign, the growth potential of the global market remains to be seen. QCP recently expanded its business in Abu Dhabi, where regulators consider digital assets as part of the capital market, providing a stable market environment.