Wall Street's Grip on Crypto: Tether Co-Founder Warns of Unpredictable Risks

Tether Co-founder William Quigley has expressed his concerns about the growing influence of Wall Street on the cryptocurrency market. According to him, Wall Street's pursuit of profit will lead to more and more Exchange-Traded Funds (ETFs) being introduced in the crypto space.

Quigley specifically mentioned Solana and Cardano as possible next ETF installations, driven by Wall Street's relentless pursuit of profit. He noted that every time a new product is successful, there will be copycats, and that if the Bitcoin ETF had failed, there would be no ETFs today.

Quigley's comments were less than flattering for Wall Street, implying that they are more interested in 'the next hot thing' because it is easy to sell to consumers. However, he believes that once there is a big pullback, the trend will lose momentum.