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.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
