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Bitcoin In Massive Demand From Institutional Investors, Says EY’s Paul Brody

EY's blockchain leader Paul Brody says Bitcoin in massive demand from institutional investors, but awaits Bitcoin ETF approval.
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Bitcoin In Massive Demand From Institutional Investors, Says EY’s Paul Brody

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.

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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?

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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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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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