Is Donald Trump’s Win Boosting Crypto Appeal To Wall Street Players?

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As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed numerous paradigm shifts and market fluctuations. The recent surge in institutional interest towards cryptocurrencies following Donald Trump’s re-election to the U.S. presidency is nothing short of remarkable.

It seems that Donald Trump’s victory in the U.S. elections has sparked increased growth in the cryptocurrency market, particularly among major players within the industry. Notably, recent financial occurrences suggest an increasing interest in digital assets among influential figures on Wall Street following the Republican’s election. In line with this significant event, former executives from prestigious asset management firms Millennium Management LLC and Pacific Investment Management Co. have recently unveiled a new crypto advisory firm named x2B.

Donald Trump’s Win Encourages Institutional Players In The Digital Asset Realm

After the latest U.S. presidential election where Donald Trump emerged victorious, former executives from Millennium Management LLC and Pacific Investment Management Co are considering launching a crypto advisory company called x2B. According to a recent Bloomberg report, Benoit Bosc, a portfolio manager at Millennium, and Michael Bressler, an executive vice president at Pimco, left their previous positions just before the U.S. elections to focus on the digital asset consultancy firm mentioned above.

As a crypto investor, I’m particularly excited about this company that specializes in guiding cryptocurrency projects on crucial aspects such as fundraising, token launches, treasury management, and market-making agreements. In an interview, Bressler emphasized the rarity of individuals who can bridge the gap between traditional finance at its highest level and digital finance, particularly in the intricacies of token launches. This venture underscores his statement. Notably, Bressler also confirmed that the startup is set to launch in November and has already secured ten clients.

In summary, this project has attracted a lot of interest, much of it associated with the re-election of pro-cryptocurrency Donald Trump as the U.S. president. Additionally, numerous other occurrences highlight the growing worldwide interest in digital assets following the presidential elections.

Crypto Appeal Boosted Post-U.S. Elections?

It’s clear that the digital asset industry is filled with optimism following the presidential elections, as evidenced by the recent surge in the broader crypto market. For instance, Bitcoin (BTC) nearly hit an all-time high at $81K, while altcoins and meme coins have experienced a simultaneous increase in value.

Additionally, Charles Hoskinson, the head of Cardano, has officially taken on a crypto advisory role under former President Trump, enhancing the allure and credibility of the cryptocurrency sector.

At the same time, Cathie Wood, founder of Ark Invest, expressed considerable enthusiasm for both the American economy and the cryptocurrency sector following the Republicans’ return to the White House. Furthermore, as rumors swirl about U.S. SEC Chair Gary Gensler potentially stepping down, market aficionados continue to be optimistic about the industry’s future outlook over the long term.

Additionally, it’s important to mention that a significant increase in institutional investment has been observed through the surge in funds flowing into Bitcoin ETFs. According to Sosovalue’s recent data, last week saw approximately $1.6 billion pouring into these ETFs, with BlackRock at the forefront, signaling a growing interest from institutions within the market.

Concurrently, ETF specialist Nate Geraci posted on X, hinting that multiple spot crypto ETF applications could surface this week. These possible ETFs cover XRP, SOL, and ADA. This revelation has sparked excitement among Wall Street participants, underscoring the growing allure of digital assets.

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2024-11-11 23:11