‘Wall Street Is Greedy’: Tether Co-Founder Predicts Next ETFs After Bitcoin, Ethereum

Don’t expect crypto ETF momentum to slow following the approvals of place Bitcoin and Ethereum funds within the U . s . States: Wall Street’s “greed” brings increasingly more such products, Tether and WAX co-founder William Quigley told Decrypt now.

Quigley predicted a proliferation of ETFs for other leading cryptocurrencies like Solana and Cardano, driven by Wall Street’s relentless quest for profit.

“Wall Street is greedy,” he stated. “Every time Wall Street packages something new to market to consumers, in the event that method is effective, you are able to guarantee you will see copycats. There’d not be any ETFs when the Bitcoin ETF had unsuccessful.”

He added that Wall Street loves the “next hot new thing” because it’s something it may speak with its consumers about then sell their goods. But if the momentum eventually awesome, Quigley expects that ETF providers will shift focus to another big trend.

“We continuously see new ETFs launching until there is a big pullback,” he added. “Then, you will see a number of individuals ETFs shut lower through the firms who launched them because of insufficient demand.”

The SEC’s lengthy-anticipated approval of place Bitcoin ETFs within the U.S. in The month of january marked a substantial milestone in integrating cryptocurrencies into mainstream markets. They permit investors to achieve contact with Bitcoin without directly holding the cryptocurrency, thus supplying a far more accessible and controlled investment vehicle. 

This approval sparked significant interest and investment inflows, highlighting the growing acceptance and institutional curiosity about digital assets. 

The prosperity of the Bitcoin ETF has led the way for more crypto-related lending options, and also the market continues to be acutely waiting for similar developments for other such products.

The anticipation for Ethereum ETFs continues to be particularly high, especially following a positive signals from regulatory government bodies. The funds received initial approval at the end of May, and can not start buying and selling until funds’ S-1 registration forms are approved.

SEC Chairman Gary Gensler on Thursday established that your application process for Ethereum ETFs may be performed by the finish from the summer time. 

“Individual issuers continue to be dealing with the registration process that’s working easily, and that i picture sometime during the period of the summer time,” Gensler stated throughout a Senate hearing Thursday.

TradFi butts in

Regardless of the added mainstream attention coming with ETFs, Quigley expressed dissatisfaction using the growing participation of traditional finance within the crypto space. 

“I had been pleased with crypto without Wall Street,” he stated. “Would it’s smaller sized? Obviously. However I did not want to help keep growing how big crypto now.”

He cautioned that Wall Street’s aggressive marketing of crypto products can lead to significant risks, particularly if institutional investors take out during market downturns.

Despite his reservations about Wall Street’s participation, Quigley acknowledged that the significant capital increase is important for substantial market growth. 

“If you prefer a lots of of capital, then yes, you need to do such things as ETFs,” he conceded.

While ETF hype was partly credited with Bitcoin hitting a brand new all-time high cost above $73,700 in March, alongside anticipation for April’s quadrennial halving event, BTC has yet to honestly challenge that mark again within the several weeks since—and is lower now in a current cost of just below $67,000.

But Bitcoin’s cost typically climbs six several weeks or even more following the halving, which constrains the expanding supply, because the impacts of this event begin to be felt. Quigley believes that historic patterns continues along that path too.

“It cannot go greater since it is and not the proper time,” he stated, predicting a substantial cost increase ahead.

Edited by Andrew Hayward