With the recent approval of spot Bitcoin ETFs in the United States, the financial market is poised for a surge in similar offerings, as per William Quigley, co-founder of Tether and WAX. In a recent interview, Quigley shared his outlook on the ongoing expansion of these financial products, driven by the well-known “greed” of Wall Street. He foresees that cryptocurrencies like Solana and Cardano could potentially have their own ETFs in addition to Bitcoin and Ethereum.
“Wall Street is driven by greed,” Quigley remarked. “Whenever a new successful product is introduced by Wall Street, you can bet there will be imitators. If the Bitcoin ETF had failed, there would be no ETFs today.”
This appetite for innovation appears boundless. The approval of Bitcoin ETFs earlier this year not only signaled a significant milestone for the mainstream financial market’s adoption of cryptocurrencies but also led to a notable surge in interest and investments. These funds provided investors with a regulated and accessible way to gain exposure to Bitcoin without directly owning the cryptocurrency.
While the wait for Ethereum ETFs has been prolonged, positive signals from regulatory bodies hint at their approval soon. Quigley believes that even if interest wanes, ETF creators will swiftly pivot to the “next big thing” to maintain market interest.
“We can expect new ETFs to continue launching until there is a significant slowdown,” Quigley declared. “Some of these ETFs may be discontinued by their launching companies due to lack of demand.”
SEC President Gary Gensler recently indicated that the approval of Ethereum ETFs could be finalized by the end of the summer. This development underscores the expectation that other major cryptocurrencies could follow suit.
Despite his upbeat attitude towards the popularity of ETFs, Quigley expressed concerns about the increasing involvement of traditional finance in the cryptocurrency realm. “I preferred cryptos without Wall Street,” he admitted. “Would it be smaller? Certainly. But I didn’t see the need to keep expanding the size of cryptos at this moment.”
As Bitcoin’s journey continues to be marked by fluctuations, with price surges followed by declines, historical trends suggest a price increase post-events like halving. Quigley is confident that this pattern will endure.
Please note: The opinions expressed by the author and individuals mentioned in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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