The recent triumph of pro-crypto candidate Donald Trump in the U.S. elections seems to have fueled the growth of cryptocurrency, especially among institutional industry players. The market is witnessing an increased demand for digital assets from prominent Wall Street figures following the Republican’s victory. In a significant development, former executives from Millennium Management LLC and Pacific Investment Management Co., two leading asset management firms, have unveiled a new crypto advisory firm, x2B.
Institutional Interest in Digital Assets Surges Post-Trump’s Victory
The U.S. presidential election’s outcome, favoring Donald Trump, has motivated ex-executives from Millennium Management LLC and Pacific Investment Management Co to initiate a crypto advisory firm, x2B. According to a recent Bloomberg report, Benoit Bosc, a portfolio manager at Millennium, and Michael Bressler, an executive vice president at Pimco, departed their respective firms shortly before the U.S. elections to embark on the digital asset consultancy venture.
This new company aims to guide cryptocurrency projects in critical areas such as fundraising, token launches, treasury management, and market-making arrangements. Bressler, in an interview, highlighted the rarity of professionals who possess a deep understanding of both traditional and digital finance, especially regarding token launches. He also revealed that the startup, launching in November, already boasts ten clients, showcasing the venture’s immediate traction.
This move aligns with the re-election of pro-crypto Donald Trump as U.S. president, further emphasizing the growing demand for digital assets worldwide in the post-election landscape.
Rising Crypto Appeal Following the U.S. Elections
The digital asset sector is radiating optimism post-elections, as evidenced by the overall crypto market’s recent price trends. Bitcoin (BTC) approached its all-time high, reaching around $81K, while altcoins and meme coins experienced concurrent surges.
Adding to the positive sentiment, Cardano’s Charles Hoskinson has taken on a role as a crypto advisor under President Donald Trump, reinforcing the heightened appeal of the cryptocurrency sphere.
Ark Invest’s Cathie Wood has also expressed significant optimism for both the U.S. economy and the cryptocurrency market following the Republican’s re-election. Speculations around U.S. SEC Chair Gary Gensler’s potential departure are fueling further optimism regarding the industry’s long-term outlook.
Moreover, the strong institutional demand is evident from the notable increase in inflows into spot Bitcoin ETFs. Recent data from Sosovalue reported $1.6 billion in inflows last week, with BlackRock leading the surge, highlighting the growing institutional market demand.
Nate Geraci, an ETF expert, recently announced on X that the week might see several filings for spot crypto ETFs, including those for XRP, SOL, and ADA. This news has stirred excitement among Wall Street enthusiasts, underscoring the escalating interest in digital assets.
