BlackRock's Foray into Crypto Has Greater Significance Than US Election Outcome, According to QCP Capital's Darius Sit

HONG KONG — As the US presidential election approaches, Darius Sit, chief investment officer of Singapore-based crypto trading firm QCP Capital, remains unfazed by the potential outcome. Instead, he believes the broader integration of crypto, particularly bitcoin, into the American financial landscape is of greater importance. A significant development in this regard is the involvement of BlackRock, the world's largest asset management firm, in the crypto space. The widespread adoption of bitcoin exchange-traded funds (ETFs), with BlackRock at the helm, is a key indicator of this trend. According to Sit, "The biggest change this year has been BlackRock. Suddenly, we have bitcoin being distributed through BlackRock's extensive network." He further emphasized that when BlackRock CEO Larry Fink discusses bitcoin as a store of value on CNBC, it signifies crypto's transition into the mainstream American investment narrative. Sit credits BlackRock with bringing crypto from the fringes to the forefront. While the US election outcome may bring short-term volatility to crypto markets, Sit believes that the growing acceptance of crypto in American finance will have a more lasting impact. He notes that a US with more favorable crypto regulations could potentially fuel global opportunities, making bitcoin an even more cornerstone asset. Currently, bitcoin is trading above $72,000, up 19% from a month earlier, according to CoinDesk Indices data, nearing its all-time high.