According to TechFlow, on October 31, CoinDesk reported that Darius Sit, co-founder and chief investment officer of Singapore-based crypto trading company QCP Capital, said that BlackRock’s entry into the crypto space will have a greater impact than the U.S. presidential election.
Sit pointed out that although Trump's support may bring short-term market volatility, BlackRock's Bitcoin ETF has introduced cryptocurrencies into the mainstream investment field. He emphasized that when BlackRock CEO Larry Fink publicly called Bitcoin a "store of value" on CNBC, it marked the improvement of the status of cryptocurrencies in the US investment market.
In addition, Sit said that although Trump promised to promote more friendly crypto policies during the campaign, the global market growth potential remains to be seen. It is reported that QCP has recently expanded its business in Abu Dhabi, where regulators regard digital assets as an integral part of the capital market and provide a stable market environment.