It is no secret that various news and developments tend to impact crypto prices. However, it is important to understand which events are truly meaningful, and which are just a surface spectacle. To Darius Sit, the co-founder and Chief Investment Officer of QCP Capital, the US election is only a surface spectacle, while one of the truly meaningful developments is BlackRock entering the crypto space.
The Importance of BlackRock’s Entry Into The Crypto Sector
While the upcoming election may bring some short-term volatility to the crypto market based on who becomes the next US president, in the long run, it won’t matter all that much. The broader integration of digital currencies into American finance is a far more important development, particularly when it comes to Bitcoin.
The widespread adoption of Bitcoin ETFs with BlackRock, the world’s largest asset manager, could be a true game-changer, according to Sit. He said that this has been one of the biggest and most important events of the year, as suddenly Bitcoin became available through the company’s extensive network.
“When you have [BlackRock CEO] Larry Fink on CNBC talking about how bitcoin is a store of value, that’s when you know crypto has become a part of the American investing narrative,” he added.
And yes, the election does play a role, as the US without a crypto-hostile SEC led by Gary Gensler could mark a big change for the country’s involvement with the crypto sector. However, Sit pointed out that Bitcoin would become even more of a cornerstone asset if the next president introduced crypto-friendly policies.
However, for the crypto community, the election is a big deal, so much so that it led to the rise of the PolitiFi sector, which has grown to be very popular in recent weeks. One of the projects in the sector stood up for its innovative way of handling the election.
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FreeDum Fighters Brings Innovation To Staking
Known as FreeDum Fighters (DUM), this is a satirical PolitiFi project that reflects the election in a somewhat different light — as a clash between MAGATRON and KAMACOP. The two robotic characters were, of course, inspired by Donald Trump and Kamala Harris, but there is more to it than that.
Those who invest in the project’s token DUM can stake their cryptos by choosing one of two reward pools, one for each of the candidates. The project also insists on rejecting loyalty to either of the candidates and encourages users to vote based on augmentation. This is why it also organizes regular debates for community members to share their thoughts.
In the end, the idea is to play both sides for maximum gains, so that the investor gets to profit. This is why if MAGATRON is in the lead, currently with 71% of supporters behind it — KAMACOP’s pool provides larger rewards, currently 976% APY, compared to MAGATRON’s 300% APY.
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However, at the bottom of it all, this is meant to be a satirical, gamified project, providing a parallel and humorous take on political events. In fact, the project intends to focus on other political events after the election, which gives it long-term value.
So far, this attracted quite a bit of attention from the community, and FreeDum Fighter’s “ultimate showdown” allowed its ICO to raise $368k since its launch. Its token, DUM, sells for only $0.00006 apiece, and you can buy it with ETH, USDT, BNB, USDC, SOL, or BASE.
