Amid a spot BTC ETF-driven crypto rally, EY’s Paul Brody says there are trillions of dollars worth of institutional money waiting to enter Bitcoin once an ETF is approved.
- The potential launch of a spot Bitcoin exchange-traded fund in the U.S. is once again making headlines across news outlets and driving the price of cryptocurrencies higher as investors move to position themselves ahead of a potential inflow of trillions of dollars worth of institutional investments.
Brody acknowledged that there are still significant risks associated with investing in crypto, and said there is a strong possibility that the initial surge in prices – which is being driven by retail interest following ETF-related developments – could fade in the face of external events impacting the global financial system.
“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,” he said. “Those who are buying Ethereum, are buying it as a computing platform for business transactions and DeFi services.” Berker noted that Bitcoin is the best avenue for launching an approved and regulated crypto product because it is widely agreed to be a commodity.
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