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Paul Brody, global blockchain leader at Ernst & Young, on Monday said there’s so much demand for cryptocurrencies, especially Bitcoin from retail and institutional investors. Brody revealed family offices are investing in cryptocurrencies, but institutional investors are awaiting a Bitcoin ETF or some kind of regulated activity to start pouring money in.
Institutional Investors Awaiting Bitcoin ETF Approval
Paul Brody, global blockchain leader at EY, in an interview with CNBC on October 23, revealed that crypto is in huge demand despite 200 trillion dollars of assets in control by institutions. Especially, family offices have shown interest in investing in cryptocurrencies. Institutional funds and other big institutions are awaiting Bitcoin ETF approval by the SEC.
Commenting on the risks and volatility in Bitcoin, Brody said cryptocurrencies are different than actual gold. The price of Bitcoin has its own characteristics, and its issuance does not increase as the price rises, but gradually stops over time. He added that the pricing in Bitcoin is more inelastic than other inflation and hedge-related activities.
Answering about the crypto adoption, he said:
“If you look at people who are buying Bitcoin, they are buying it as an asset. They are not buying it as a payment tool. Those who are buying Ethereum, are buying it as a computing platform for business transactions and DeFi services.”
He believes people will stick with fiat currencies, with the potential of CBDC and payment stablecoins in the future. With current geopolitical events and elections coming next year, Bitcoin will see some growth in terms of crypto adoption.
Read More: BTC Price Facing Rejection At $31,000 Amid Bearish Shorts, What’s Next?
Crypto Funds in Other Regions Record Institutions Investing
The digital asset investment products have recorded inflows for the fourth consecutive week, totaling around $66 million. Bitcoin, XRP, and Solana saw massive buying from institutional investors in the last few weeks.
The potential approval of a spot Bitcoin ETF by the U.S. SEC has sparked bullish sentiment on Bitcoin following the dovish Fed and Ripple’s continuing victory in the SEC lawsuit.
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