Tether Co-Founder predicts next ETFs after Bitcoin and Ethereum. He claims that Wall Street is too greedy to stop. And that is not so good for crypto.
William Quigley told Decrypt this week that he doesn't expect crypto ETF momentum to slow after the approvals of spot Bitcoin and Ethereum funds.
According to Quigley, Wall Street's “greed” will bring more and more such products. He named Solana and Cardano as possible next ETFs installations. They will be driven by Wall Street's relentless pursuit of profit.
“Every time Wall Street packages a new product to sell to consumers, if that product is successful, you can guarantee there will be copycats. There would be no ETFs if the Bitcoin ETF had failed,” Quigley said.
His comments were overall less than flattering for Wall Street guys. They just love 'the next hot thing' because it is easy to sell it to consumers. Once there is a big pullback the trend will lose momentum, Quigley thinks.
ETFs are considered to be a true milestone in the history of crypto. Basically, they allow investors to gain profits from Bitcoin without actually holding any crypto. That is as safe and convenient as buying shares of NYSE companies.
With recent SEC statements, their is very little doubt that Ethereum ETFs will be approved this summer. Now rumours spread that Solana ETFs are on horizons. So Quigley might be right about the overall trend.
Why is Quigley so angry with ETFs?
Well, obviously Tether co-founder isn't excited with crypto mainstream adoption because of the increasing involvement of traditional finance in the decentralized space. One of the questions he asks is what is actually going to happen when in time of downturn - and those are inevitable on the crypto market - Wall Street investors will simply pull out. That would be a risk factor that is new for crypto world, and absolutely unpredictable.
"I was happy with crypto without Wall Street,” Quigley summarized.