Following the groundbreaking approval of spot Bitcoin ETFs in the United States, the financial market is poised for a surge in similar offerings, as per William Quigley, the co-founder of Tether and WAX. In a recent interview, Quigley shared his outlook on the continued expansion of these financial products, driven by the well-known greed of Wall Street. He foresees that cryptocurrencies like Solana and Cardano could be next in line to have their own ETFs, alongside Bitcoin and Ethereum.
“Wall Street is driven by greed,” Quigley stated. “Whenever a new product proves successful, there will undoubtedly be imitators. The existence of ETFs today is a direct result of the success of the Bitcoin ETF.”
This appetite for innovation appears limitless. The approval of Bitcoin ETFs earlier this year not only signified a significant milestone in the mainstream financial market’s acceptance of cryptocurrencies, but also sparked a notable increase in interest and investments. These funds allowed investors to gain exposure to Bitcoin in a regulated and accessible manner, without needing to directly own the cryptocurrency.
The anticipation for Ethereum ETFs has been mounting, with positive signals from regulatory bodies. Quigley anticipates that even if interest wanes, ETF creators will quickly pivot to the next big thing to capture the market’s attention.
“We will continue to witness the launch of new ETFs until there is a significant downturn,” Quigley remarked. “Some of these ETFs may eventually be shut down by their creators due to lack of demand.”
SEC President Gary Gensler recently hinted at the potential approval of Ethereum ETFs by the end of the summer, further fueling expectations for other significant cryptocurrencies to follow suit.
Despite his optimism regarding the popularity of ETFs, Quigley expressed reservations about traditional finance’s growing involvement in the cryptocurrency realm. “I preferred cryptos without Wall Street,” he admitted. “Would it have been smaller? Certainly. But I didn’t see the necessity to continually expand the size of cryptos at this moment.”
Meanwhile, Bitcoin’s journey continues to be characterized by fluctuations, with its price hitting new highs before experiencing dips. Nonetheless, historical trends suggest a price uptick following events like halving, and Quigley believes this pattern will endure.
Disclaimer: The views and opinions expressed by the author or individuals mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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