Speaking with CNBC International TV Paul Brody global blockchain leader at Ernst & Young (EY) shared his views on the “crypto winter” and the need for regulation in the space, as well as what the bullish signals are for the market for it to move back higher. According to Brody, it’s possible that the market is nearing a bottom, but reminded everyone that demand for crypto assets, digital assets and blockchain assets is ultimately driven by a use case: He added that crypto adoption among businesses is the catalyst for upside:
Use cases and business deployment
In terms of structural improvements for the industry, Brody, the new regulatory framework in Japan, is a really robust one, and it sends a signal that an increasing number of countries are going to explicitly regulate stable currencies, which are of enormous and systemic significance for decentralized finance. Second, the acceleration of environmental, social and corporate governance (ESG) tracking technology, which means that an increasing number of use cases will be ESG, such as carbon tracking and supply chain management; these are the types of things that will drive demand for cryptocurrency assets and blockchain technology for at least the next decade. These examples are all moving forward, and in that regard, it “still feels very reminiscent of 2001 right where asset prices may have crashed, but the value proposition and adoption kept on going.” Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
