CandleFocus Analyst Explained! "BlackRock's Bitcoin (BTC) Move Is More Important Than Trump's Election!"
2024-10-31
Author: Content Editor
The price of Bitcoin has surpassed $70,000 and is inching closer to a new all-time high. While some attribute this rise to the increased probability of Donald Trump winning the US presidential election, Darius Sit, co-founder of QCP Capital, believes that BlackRock's involvement in the cryptocurrency market is the driving force behind Bitcoin's surge. Sit argues that BlackRock's support and CEO Larry Fink's endorsement of Bitcoin as a "store of value" have overshadowed the election results and played a more significant role in the adoption of BTC. He believes that BlackRock's distribution of Bitcoin across its vast network has taken crypto from the fringe to the mainstream and considers it more crucial than Trump's re-election for the cryptocurrency's growth. Nonetheless, Sit acknowledges that Trump's pro-crypto stance could further enhance Bitcoin's appeal.
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