Despite many some issues, large mainstream institutions like Ernst & Young are still mega bullish on the original smart contract protocol, Ethereum.  Paul Brody of Ernst & Young laid out his thoughts on the cryptosphere during an appearance on Crypto Decrypted on CNBC. Safe to say he’s quite bullish on Ethereum. “Bitcoin has the largest […] The post Ernst & Young: Ethereum Is Driving Crypto “Innovation,” Not Bitcoin appeared first on CryptosRus.

Ernst & Young: Ethereum Is Driving Crypto “Innovation,” Not Bitcoin

Despite many some issues, large mainstream institutions like Ernst & Young are still mega bullish on the original smart contract protocol, Ethereum. 

Paul Brody of Ernst & Young laid out his thoughts on the cryptosphere during an appearance on Crypto Decrypted on CNBC. Safe to say he’s quite bullish on Ethereum. “Bitcoin has the largest market cap. What’s driving all the innovation in the ecosystem is happening in the Ethereum ecosystem.”

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  • Brody’s reasoning centers around the fact that 95% of NFT and 70% of Defi transactions take place on Ethereum.
  • Brody, who is Ernst & Young’s Global Blockchain Leader, also added, “The “story of 2022” will be a shift from cryptocurrencies to a digital technology ecosystem that transforms banking, finance and ultimately all other industries.”
  • Though, when it comes to ETH price action, Brody isn’t necessarily as bullish. His thesis on future price for Ethereum centers around demand for Ethereum based on transactions.
  • “Transactions are moving onto layer 2 networks, and that means Ethereum could be wildly successful, but maybe demand to actually burn Ethereum for transaction processing might go down. Which is why I don’t think you can guarantee a one-to-one relationship between the ecosystem being wildly successful and somehow assuming that the price of ether will automatically go way up.”
  • Back in September, Polygon integrated with Ernst & Young to help deal with the large gas fees for their enterprise clients. Notably, Ernst & Young sent their clients NFT Christmas cards using Polygon. The whole set of them only cost the “professional services network” a total of $200 USD worth of gas fees. 

The post Ernst & Young: Ethereum Is Driving Crypto “Innovation,” Not Bitcoin appeared first on CryptosRus.