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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.

Updated Oct 24, 2023, 4:43 p.m. Published Oct 24, 2023, 4:43 p.m.

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.

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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.

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Stephen Alpher

Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.