Coindesk Logo

Bitcoin Is Not Gold – Why Spot ETF May Not Be 'Sell the News' Event: EY's Brody

Bitcoin Is Not Gold – Why Spot ETF May Not Be 'Sell the News' Event: EY's Brody

Bitcoin Is Not Gold – Why Spot ETF May Not Be 'Sell the News' Event: EY's Brody

The consulting firm's global blockchain leader discussed his bullish outlook in a CNBC appearance.

The consulting firm's global blockchain leader discussed his bullish outlook in a CNBC appearance.

The consulting firm's global blockchain leader discussed his bullish outlook in a CNBC appearance.

AccessTimeIconOct 24, 2023, 4:43 PM

EY's Paul Brody (CoinDesk)

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

There is tremendous unpent demand for bitcoin (BTC) that can't touch the crypto unless it's received a regulatory blessing such as U.S. Securities and Exchange Commission (SEC) approval of a spot exchange-traded fund, Paul Brody, EY's global blockchain lead, told CNBC early Monday.

The question going forward though, noted Brody's interviewer, is if this has already been discounted and whether there could be an ARK-like surge of retail money into the new ETFs that quickly gets pulled on any sort of price reversal.

Could be, allowed Brody, but he reminded that bitcoin is an asset that producers can't supply more of when prices go higher. That's unlike gold, a competing store of value to bitcoin, where miners amp up production as prices rise, said Brody. "The issuance rate [of bitcoin] is set," he added. "We might discover that pricing in bitcoin is more inelastic" than other types of assets.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.