William Quigley left Tether in 2015
Although speculators debate Tether’s credibility all the time, stablecoin managed to cut through the noise and grow. In fact, looking at Tether’s growth makes sense, considering the demand for Bitcoin. In 2021 alone, Tether struck a record $ 2 billion in a single week, with $ 1.5 billion the week before.
With its market capitalization reaching an incredible $ 25 billion to date, it is not an understatement to suggest that Tether’s supply and circulation have a major impact on the market.
Altcoin was one of the topics of discussion during a interview recent experience with Tether co-founder William Quigley. Stressing the imperative need for transparency in relation to the Tether, Quigley said:
“The company and its reserves should be audited at least quarterly, perhaps even monthly. Each time you print a Tether, you should have a dollar added to that cash pool. ”
Quigley, who left the project in 2015 and now runs the non-fungible token (NFT) WAX exchange, added:
“Audited once a month, once a quarter.”
These comments came in the wake of other comments the executive made recently, with Quigley saying that the Tether is in danger of being replaced if it does not evolve to become more transparent.
The aforementioned comments from the CEO are not a surprise, however. Tether agreed last month to a $ 18.5 million deal with the New York Attorney General on charges of an alleged attempt to hide financial losses, although the company said otherwise.
The executive also mentioned Bitcoin’s performance and the accompanying bull race. Quigley admitted to being quite “surprised” by the market’s slope, as well as by the mass adoption triggered by companies like Tesla, banks like JP Morgan, Goldman Sachs, as well as hedge funds.
According to Quigley, the markets are in a bull run after the BTC halving, and this will be the main reason why the asset could rise to more than $ 100,000 in 2022.
“What has historically happened whenever this happens, and could happen between the next 12 and 18 months, Bitcoin can go up between 300% and 500%.”
It is important to note here that the founders of Gemini also shared a similar optimism about Bitcoin’s value projection.
That said, the Tether co-founder also pointed to Bitcoin’s defective payment system. “The disadvantages of tokens that change prices, that kind of volatility, don’t work as a payment,” he said.
“Crypto payments around the world are going to turn into blockchain-based payments, but all of them are going to be the Central Bank, digital currencies and, hopefully, Tether and / or other stable currencies for the next 5 to 10 years. There is no need for Bitcoin as a payment. ”