Pro-crypto candidate Donald Trump’s recent win in the U.S. elections appears to have boosted the growth for crypto, primarily among institutional players in the industry. Recent market events portray growing demand for digital assets among key Wall Street players in light of the Republican’s recent win. Aligning with this monumental feat, former executives at Millennium Management LLC and Pacific Investment Management Co., renowned asset management firms, recently revealed a new crypto advisory firm, x2B.

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

Following the recent U.S. presidential elections that saw Donald Trump win, ex-executives at Millennium Management LLC and Pacific Investment Management Co are gauging in on launching a crypto advisory firm, x2B. A recent Bloomberg report reveals that Benoit Bosc, portfolio manager at Millennium, and Michael Bressler, executive vice president at Pimco, left their previous firms right before the U.S. elections to work on the digital asset consultancy firm mentioned above.

Notably, this company will advise cryptocurrency projects on vital areas encompassing fundraising, token launches, treasury management, and market-making arrangements. Bressler stated in an interview, “There are very few people that have been at the intersection of high-level traditional finance and digital finance and understand the intricate dynamics of token launches.” The abovementioned venture comes as a testament to this statement. Further, Bressler confirmed that the startup launches in November and already has ten clients.

Altogether, this endeavor has garnered significant attention, primarily aligning with pro-crypto Donald Trump’s reelection to the U.S. presidency. A plethora of other events further underscore the rising demand for digital assets globally post-presidential elections.

Crypto Appeal Boosted Post-U.S. Elections?

Notably, the digital asset industry glimmers with optimism after the presidential elections, as seen by the broader crypto market‘s recent price movement. Bitcoin (BTC) price reached near ATH at the $81K level, whereas alts and meme coins surged in sync.

Also, Cardano’s Charles Hoskinson confirmed crypto advisor role under president Donald Trump, solidifying sentiments of boosted appeal for the cryptocurrency landscape.

Simultaneously, Ark Invest founder Cathie Wood reflected substantial optimism for the U.S. economy and the cryptocurrency market in light of the Republican’s return to the White House. Additionally, with speculations of U.S. SEC Chair Gary Gensler’s exit further weighing in, market enthusiasts remain optimistic on the industry’s long-term prospects.

Meanwhile, it’s noteworthy that strong institutional demand can also be seen with the substantial rise in inflows in spot Bitcoin ETFs. As of last week, Sosovalue data indicated $1.6 billion worth of inflows, with BlackRock leading the pack, underscoring rising institutional demand in the market.

Simultaneously, ETF expert Nate Geraci took to X, revealing that there might be several spot crypto ETF filings this week. These potential ETFs encompass XRP, SOL, and ADA. Overall, this statement has added to the buzz across Wall Street players as well, underlining the boosting appeal for digital assets.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link