QCP Capital Co-founder: The Impact of BlackRock Entering the Crypto Space is More Significant than the U.S. Presidential Election

ChainCatcher news, according to CoinDesk, Darius Sit, co-founder and chief investment officer of Singapore-based crypto trading firm QCP Capital, believes that the impact of the world's largest asset management company BlackRock entering the crypto space is more significant than the U.S. presidential election.

Although support for Republican candidate Trump may bring short-term market volatility, Sit pointed out that BlackRock's Bitcoin ETF has brought cryptocurrencies into the mainstream investment arena. Sit stated that when BlackRock CEO Larry Fink publicly declared Bitcoin as a "store of value" on CNBC, it marked an elevation of cryptocurrencies' status in the U.S. investment market.

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