Note: The original text comes from Benzinga and was written by Murtuza Merchant!
WAX and Tether co-founder William Quigley said that the Biden administration has allowed the U.S. Securities and Exchange Commission (SEC) to act recklessly, and he expressed strong concerns about the current regulatory approach to the cryptocurrency industry.
In an interview with Benzinga, a U.S. financial news network, Quigley highlighted the SEC’s tough stance on cryptocurrency companies under Chairman Gary Gensler. “Under Gensler’s leadership, the SEC has not been friendly to cryptocurrencies,” he said, noting the SEC’s numerous lawsuits against major cryptocurrency companies such as Coinbase and Ripple.
Political and regulatory environment
Quigley criticized the Biden administration for allowing regulators to run wild. "Biden, I don't think he's an enemy of cryptocurrency, but he's letting regulators run wild a little bit," he said. He expressed the hope that the change of US president would have a positive impact on the cryptocurrency industry.
He noted: "I've heard Trump's positive comments about cryptocurrencies recently." He said that Trump's election as president may reduce aggressive regulatory actions. "If Trump wins, he may appoint another SEC chairman. I think this may be a good thing." He speculated.
Future Market Forecast
Looking ahead, Quigley predicts that Bitcoin could reach five times its halving price, possibly reaching a high of around $300,000 in 2025 before another sharp correction. He based this prediction on historical patterns, noting that previous multiples were 50, 20, and 10 times the halving price.
Quigley analyzed Bitcoin's historical price patterns and potential future trends in detail. The second halving saw a price increase of about 20 times, and the third halving saw a price increase of about 10 times. He pointed out: "So its increase multiple is reduced by half each time." This trend suggests that in the next cycle, its price may increase four to six times.
Cautious optimism
Quigley remains cautiously optimistic about the future of Bitcoin. He acknowledged that Bitcoin could rise sharply, but also that it could fluctuate. He suggested: "If we see Bitcoin break the historical pattern, we should pay close attention. In the fourth quarter of 2024, if the price of Bitcoin is still between $60,000 and $70,000, we must admit that we have broken the historical pattern."
Quigley also talked about Bitcoin's broader impact on the cryptocurrency market, noting that Bitcoin's movements tend to affect other tokens. He said: "If Bitcoin starts to rise sharply in the fourth quarter of 2024, it is likely to pull other tokens up with it, which is what has happened in history."
The Origin and Development of the WAX Blockchain
Quigley’s foray into blockchain began with his extensive experience in the trading of virtual items in video games, an industry valued at $50 billion worldwide.
Quigley, who is not only a co-founder of Tether, but also the founder of the WAX blockchain, said: "We wanted to put these virtual items on the blockchain, but there was no suitable way at the time. It was this need that led to the birth of the WAX blockchain. The purpose of our creation of the WAX blockchain is to facilitate the tokenization and trading of virtual items in an efficient and low-cost way.
Building a blockchain for virtual items
As Quigley puts it, the WAX blockchain was born out of necessity. “We needed a blockchain that could handle the volume of video game items,” he said. The WAX team leveraged delegated proof of stake, invented by Dan Larimer, to create a blockchain capable of handling tens of millions of transactions per day.
With this technology, WAX has quickly developed into a leader in the NFT market, launching NFTs for well-known companies such as Topps, Hasbro and Mattel. The WAX blockchain provides a secure, fast and low-cost solution for the transaction of virtual assets, providing a convenient trading platform for players and digital asset holders.
*Friendly reminder: This article is for popular science purposes only and does not constitute any investment advice!
