Paul Brody: “Crypto winter will not have a big impact on the long-term growth of the industry”

Ernst & Young Global Blockchain CEO Paul Brody believes that for the first time, crypto asset price volatility does not have a significant impact on the long-term growth of the industry.

Paul Brodie stated that the current crypto winter is more gentle and does not have such a devastating effect on the cryptocurrency industry. He believes that there is a gradual departure from the purely speculative and financial orientation of the industry to the influence of its technological component.

Brody added that user behavior is more focused on the benefits that the cryptocurrency ecosystem can provide them, and not just on immediate financial gain. For example, the development and release of new applications, the development of decentralized autonomous organizations (DAOs), or the possibility of investing in non-fungible tokens (NFTs).

Brody also noted that regulators have become more effective in suppressing obvious Ponzi schemes and with greater rigidity in prosecuting its participants.

“Crypto asset management should be simple enough and use a carefully tested approach for people to follow. I would like to see more regulatory activity and rules that good players can follow,” Brody said.

At the beginning of the year, one of the world’s largest audit companies, Ernst & Young, recommended that commercial banks start preparing for the massive entry of stablecoins and government cryptocurrencies (CBDC) into the market.