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

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

In addition, Sit also pointed out that although Trump promised to create a more crypto-friendly policy during his campaign, the growth potential of the global market remains to be seen. QCP recently expanded its business in Abu Dhabi, where the regulatory agency considers digital assets as part of the capital market, providing a stable market environment.