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The leading cryptocurrency Bitcoin has made a big breakthrough in recent days, rising above $70,000. While BTC is very close to the new ATH, it is estimated that the increase in the probability of US presidential candidate Donald Trump winning is behind the rise.
However, Darius Sit, co-founder of Singapore-based cryptocurrency firm QCP Capital, thinks that BlackRock is behind the rise in Bitcoin.
Speaking to Coindesk, Darius Sit said that BlackRock’s extensive involvement in the cryptocurrency market was more important than Trump in the rise and adoption of BTC.
Stating that BlackRock's support for Bitcoin overshadowed the US election results, Sit argued that BlackRock was much more effective for Bitcoin.
Stating that BlackRock’s broad Bitcoin access and CEO Larry Fink’s endorsement of Bitcoin as a “store of value” are more important than the US presidential election result, Sit said:
“The biggest thing for Bitcoin this year was BlackRock. Suddenly, Bitcoin started being distributed across BlackRock's vast network.
BlackRock CEO Larry Fink also appeared on CNBC and talked about Bitcoin being a store of value. With that, Bitcoin and cryptocurrencies have become part of the American investment narrative.
“BlackRock has taken crypto from the fringe to the mainstream. Ultimately, BlackRock providing access to Bitcoin is more important than Donald Trump getting re-elected as president.”
Stating that he also accepted that Trump's pro-crypto stance would positively affect Bitcoin, Darius Sit said, “If Trump comes and follows more friendly policies, Bitcoin will become an even more important asset and may increase the attractiveness of BTC.”
*This is not investment advice.