Ernst & Young’s global blockchain team director, Paul Brody, has revealed that he predicted the nose-dive that the crypto market experienced in 2018. According to him, it was “the single most predictable bear market in years.”
In an interview with TheBlock, Brody said his prediction made the blockchain team at Ernst & Young take specific and careful steps regarding the ICO market. This, he claimed insulated them and their clients quite considerably.
Ernst & Young currently has about 150 crypto clients, generally comprising some of the biggest financial institutions.
Paul Brody, who launched the blockchain sector of the firm about three years ago, said they consult on everything from blockchain innovation to the crypto market in general. They also do audits for clients with digital assets. The nature of the job as well as Brody’s skill and experience, helped him foresee the bear market.
He said “I’ve worked in Silicon Valley, I’ve done five startups. The idea that sensible venture capitalists would give you $50m for a white paper, would never happen…Their methodology actually makes a lot of sense,”
Brody went ahead to make another prediction.
According to him,
“The next couple of years is going to be super boring. Any idea of some kind of quick bounce back is ridiculous.”
If he is to be believed, this would mean that it would take the crypto market some time to properly get back on its feet.