{"id":556666,"date":"2023-10-23T21:30:26","date_gmt":"2023-10-23T21:30:26","guid":{"rendered":"https:\/\/ktsl888.com\/?p=556666"},"modified":"2024-06-11T07:06:12","modified_gmt":"2024-06-11T07:06:12","slug":"bitcoin-insider-reveals-demand-from-wall-street-titans","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-insider-reveals-demand-from-wall-street-titans\/","title":{"rendered":"Bitcoin Mania: EY Insider Reveals Demand From Wall Street Titans, $40,000 Soon?"},"content":{"rendered":"

Paul Brody, a prominent figure in the blockchain community and the Global Blockchain Leader at Ernst & Young (EY), recently shed light<\/a> on the burgeoning demand for crypto, with Bitcoin taking the limelight<\/a>. Earlier today, during a CNBC interview, Brody emphasized the heightened interest, particularly from family offices.<\/span><\/p>\n

Family Offices Lead The Charge<\/span><\/h2>\n

According to Brody, family offices, which typically manage the vast wealth of affluent families, are increasingly diversifying their portfolios with cryptocurrencies. This is not entirely surprising, given the meteoric rise of Bitcoin and its potential as a hedge against inflation and economic uncertainty.<\/span><\/p>\n

Related Reading: Bitcoin\u2019s Next Move: Is $30,000 Just Around The Corner? Glassnode Founder Predicts<\/a><\/div>\n

However, while family offices are diving headfirst into the crypto pool, institutional investors are more cautious. <\/span><\/p>\n

Brody mentions that these larger entities, controlling over 200 trillion dollars in assets, are awaiting regulatory clarity, such as the approval of a Bitcoin ETF by the US Securities and Exchange Commission, before committing significant resources.<\/span><\/p>\n

Bitcoin, despite comparisons<\/a>, is distinctly different from traditional assets like gold. Brody highlights a unique trait of Bitcoin: its price does not result in increased issuance. Instead, the issuance of new Bitcoin reduces over time due to halving events. <\/span><\/p>\n

This property makes its price more “rigid,” especially compared to other assets traditionally used as inflation hedges.<\/span><\/p>\n

Moreover, the purpose behind acquiring Bitcoin varies among its buyers. Brody points out: <\/span><\/p>\n

\n

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.<\/span><\/p>\n<\/blockquote>\n

Brody further notes that Ethereum<\/a>, another major cryptocurrency, is mostly acquired for its utility as a computing platform, particularly for business transactions and decentralized finance (DeFi) solutions.<\/span><\/p>\n

Bitcoin To $40,000?<\/h2>\n

So far, Bitcoin has showcased a bullish trend, witnessing a near 10% increase over the past week and a 4.7% uptick in the last 24 hours. This surge has propelled Bitcoin to trade beyond the $31,000 mark<\/a>, reaching $31,824 recently. <\/span><\/p>\n

Observing the asset’s chart in the 1-day timeframe, BTC seems poised for even higher gains<\/a>. As shown below, the asset has recently tapped into an order block and could continue its reversal to the upside, reaching a notable high.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC) price recently taps an order block on the 1-day chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Additionally, considering the strong institutional demand for BTC, as revealed by Brody, coupled with the potential approval of a spot BTC ETF, a rally to the $40,000 mark seems to be on the horizon.<\/span><\/p>\n

Furthermore, peering into the future of the financial landscape, Brody believes that traditional fiat currencies will continue to hold their ground. <\/span><\/p>\n

However, with the ongoing discussions around Central Bank Digital Currencies (CBDCs)<\/a> and the growing adoption of payment stablecoins, the crypto realm may be poised for evolution.\u00a0<\/span><\/p>\n

Related Reading: Binance Traders Go Bearish On Bitcoin, But Here\u2019s Why They Might Regret It<\/a><\/div>\n

With global political developments unfolding and pivotal elections on the horizon, Brody foresees Bitcoin and the broader crypto space experiencing accelerated growth in adoption and recognition.<\/span><\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Paul Brody, a prominent figure in the blockchain community and the Global Blockchain Leader at Ernst & Young (EY), recently shed light on the burgeoning demand for crypto, with Bitcoin taking the limelight. Earlier today, during a CNBC interview, Brody emphasized the heightened interest, particularly from family offices. Family Offices Lead The Charge According to Brody, family offices, which typically manage the vast wealth of affluent families, are increasingly diversifying their portfolios with cryptocurrencies. This is not entirely surprising, given the meteoric rise of Bitcoin and its potential as a hedge against inflation and economic uncertainty. Related Reading: Bitcoin\u2019s Next Move: Is $30,000 Just Around The Corner? Glassnode Founder Predicts However, while family offices are diving headfirst into the crypto pool, institutional investors are more cautious. Brody mentions that these larger entities, controlling over 200 trillion dollars in assets, are awaiting regulatory clarity, such as the approval of a Bitcoin ETF by the US Securities and Exchange Commission, before committing significant resources. Bitcoin, despite comparisons, is distinctly different from traditional assets like gold. Brody highlights a unique trait of Bitcoin: its price does not result in increased issuance. Instead, the issuance of new Bitcoin reduces over time due to halving events. This property makes its price more “rigid,” especially compared to other assets traditionally used as inflation hedges. Moreover, the purpose behind acquiring Bitcoin varies among its buyers. Brody points out: 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. Brody further notes that Ethereum, another major cryptocurrency, is mostly acquired for its utility as a computing platform, particularly for business transactions and decentralized finance (DeFi) solutions. Bitcoin To $40,000? So far, Bitcoin has showcased a bullish trend, witnessing a near 10% increase over the past week and a 4.7% uptick in the last 24 hours. This surge has propelled Bitcoin to trade beyond the $31,000 mark, reaching $31,824 recently. Observing the asset’s chart in the 1-day timeframe, BTC seems poised for even higher gains. As shown below, the asset has recently tapped into an order block and could continue its reversal to the upside, reaching a notable high. Additionally, considering the strong institutional demand for BTC, as revealed by Brody, coupled with the potential approval of a spot BTC ETF, a rally to the $40,000 mark seems to be on the horizon. Furthermore, peering into the future of the financial landscape, Brody believes that traditional fiat currencies will continue to hold their ground. However, with the ongoing discussions around Central Bank Digital Currencies (CBDCs) and the growing adoption of payment stablecoins, the crypto realm may be poised for evolution.\u00a0 Related Reading: Binance Traders Go Bearish On Bitcoin, But Here\u2019s Why They Might Regret It With global political developments unfolding and pivotal elections on the horizon, Brody foresees Bitcoin and the broader crypto space experiencing accelerated growth in adoption and recognition. Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":521312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790,1368,6664],"class_list":["post-556666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-cnbc","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Mania: EY Insider Reveals Demand From Wall Street Titans<\/title>\n<meta name=\"description\" content=\"Paul Brody, a prominent figure in the blockchain community recently shed light on the burgeoning demand for crypto, with Bitcoin taking...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Mania: EY Insider Reveals Demand From Wall Street Titans, $40,000 Soon?","url":"http:\/\/ktsl888.com\/news\/bitcoin-insider-reveals-demand-from-wall-street-titans\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-insider-reveals-demand-from-wall-street-titans\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt","cnbc","crypto"],"dateCreated":"2023-10-23T21:30:26Z","datePublished":"2023-10-23T21:30:26Z","dateModified":"2024-06-11T07:06:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Mania: EY Insider Reveals Demand From Wall Street Titans, $40,000 Soon?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-insider-reveals-demand-from-wall-street-titans\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-insider-reveals-demand-from-wall-street-titans\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?fit=1140%2C815\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\",\"cnbc\",\"crypto\"],\"dateCreated\":\"2023-10-23T21:30:26Z\",\"datePublished\":\"2023-10-23T21:30:26Z\",\"dateModified\":\"2024-06-11T07:06:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/556666"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=556666"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/556666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/521312"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=556666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=556666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=556666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}