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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.
Yazan Stephen Alpher
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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Başka bir hikayeyi kaçırmayın.Bugün Crypto Daybook Americas Bültenine abone olun. Tüm bültenleri gör
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.
Read more: Institutions Race for Bitcoin, Sending CME Open Interest to Record High
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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
Bilinmesi gerekenler:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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