Tether Co-Founder, William Quigley, Concerns Bitcoin Spot ETFs

• Tether co-founder William Quigley has shared his concerns about the just-approved Bitcoin Spot ETFs in his statement.

The highly anticipated Bitcoin Spot ETFs have been approved, but Tether and Worldwide Asset Exchange co-founder, William Quigley has expressed his concern about the operational mechanics of the ETFs and their potential impact for institutional investors.

Quigley underlined the significant impact this move could have on Bitcoin’s valuation, citing the potential participation of funds managing trillions of dollars:

“Even a small allocation of these funds to Bitcoin could trigger significant price increases.”

See Also: US SEC Approves Spot Bitcoin ETFs To Trade On US Markets

Despite the enthusiasm, Quigley expressed reservations about the operational aspects of Bitcoin ETFs. 

He explained his concerns about the suitability assessments that institutions can use for their customers: “How will institutions evaluate the suitability of Bitcoin for their customers?”

Additionally, Quigley questioned the purchasing process for institutions that want to hold Bitcoin within ETFs. 

Quigley noted that the daily supply of new Bitcoin is limited and the amount of Bitcoin freely available for trading on exchanges is relatively small:

There are only 1.8 million Bitcoins available to be traded on exchanges, and they are worth less than $100 billion.”

According to the founder of Tether, this rarity may challenge institutions that want to hold BTC.