On October 23rd, Paul Brody, EY's Global Blockchain Leader, revealed during an interview with CNBC that despite institutions overseeing $200 trillion in assets, there is significant demand for cryptocurrencies. Family offices, in particular, have shown a strong interest in investing in cryptocurrencies. Institutional funds and other large organizations are waiting for the approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission.
Brody also noted that cryptocurrencies differ from physical gold, as Bitcoin's price has its own unique characteristics. Its supply does not increase with rising prices; instead, it gradually tapers off over time.
He also believes that in the future, people may use Central Bank Digital Currencies (CBDCs) and stablecoins for payments, and there will be some growth in Bitcoin's adoption within the cryptocurrency space.