Tether co-founder on why Bitcoin could reach $300k at the peak of the next bull market

NOTABLY FALLING 25% IN 2020 AHEAD OF ITS LAST HALVING EVENT SET TO TAKE PLACE THIS SPRING. WORLDWIDE ASSET EXCHANGE WILLIAM QUIGLEY WITH US. I WONDER, THIS IS ANOTHER STORY WHERE THERE IS ARGUMENTS ON THE SPECULATIVE SIDE, BUT ALSO ON FUNDAMENTAL ANALYSIS OF AT LEAST MONEY FLOWS. >> YEAH. I AGREE. IF YOU LOOK AT WHERE WE ARE PREHALVING, THAT’S GOING TO HAPPEN IN APRIL WHERE BITCOIN’S REWARD FOR MINERS DROPS BY HALF F WE LOOK AT WHERE WE ARE VERSUS THE LAST ONE, I’D SAY — WHICH HAPPENED FOUR YEARS AGO, WE’RE IN BETTER SHAPE. WE DIDN’T HAVE

THE ETFs BACK THEN. IF YOU LOOK AT THINGS LIKE TEE RISKTIVE VOLUME, IT WAS NASCENT FOUR YEARS AGO. NOW VERY HIGH. WE’VE JUST HIT A RECORD. AND THE ETF FLOWS HAVE ACTUALLY SURPRISED ME. I WAS A LITTLE SKEPTICAL THAT THEY WOULD TAKE OFF QUICKLY, AND NOW WE HAVE CLOSE TO, I WANT TO SAY, $50 BILLION, ABOUT 740,000 BITCOIN, HELD IN THESE ETFs. DAILY WE’RE GETTING BETWEEN 150 MILLION UP TO $500 MILLION FLOWING IN. SO THERE’S A LOT OF POSITIVE FORCES THAT ARE PUSHING BITCOIN UP RIGHT NOW, AND THIS IS BEFORE THE HALVENING, WHICH IS USUALLY

AFTER THAT FACT WHEN BITCOIN REALLY SKY ROCKETS. >> HOW DO YOU DESCRIBE TO VIEWERS THE MIX OF INSTITUTIONAL VERSUS RETAIL INTERESTS, VIS-A-VIS

PRIOR RALLIES? >> OH, ANYTHING FROM LIKE PRE-2020 THERE WAS VERY LITTLE INSTITUTIONAL INTEREST IN BITCOIN. IT WAS A RETAIL-DRIVEN, GLOBALLY RETAIL DRIVEN PHENOMENON, AND NOW I WOULD SAY THERE IS A LOT OF INSTITUTIONAL MONEY THAT TRACKS IT. IT’S ALSO WHY YOU SEE SUCH INTEREST IN DERIVATIVES. THE VOLATILITY IN BITCOIN I THINK IS ONE THING THAT REALLY ATTRACTS A LOT OF INSTITUTIONAL INVESTORS. YOU HAVE TO UNDERSTAND THAT, YOU KNOW, BITCOIN IS MAYBE THE ONLY

GLOBALLY TRADED ASSET THAT I KNOW OF WHOSE DEMAND IS PURELY BASED ON SENTIMENT. YOU KNOW, THERE’S NOT A BITCOIN COMPANY. THERE ISN’T BITCOIN PRICE EARNING RATIOS IT’S JUST A SENTIMENT DRIVEN TOKEN. AND WHAT YOU CAN SAY ABOUT THAT, OF COURSE, IS THAT SENTIMENT HAS NO LIMITS. YOU CAN ALWAYS BE MORE OPTIMISTIC. SO THIS RALLY MAY BE THE BIGGEST WE’VE SEEN. IF WE JUST LOOK AT WHERE WE STAND TODAY, PRE-HALVENING FOR BITCOIN AND LOOK AT HISTORICAL PATTERNS, THAT WOULD SUGGEST, I’M NOT PREDICTING THIS, IF YOU APPLY THE HISTORICAL PATTERNS, IT WOULD SUGGEST BITCOIN BEING IN EXCESS

OF $300,000 AT THE PEAK OF THIS NEXT BULL MARKET. SINCE ALL TOKENS ARE CORRELATED TO BITCOIN, THAT MEANS THAT ALL THE OTHER TOKENS, LIKE ETHEREUM AND SOLANA AND SOME OF THESE OTHERS, WILL MOVE UP IN LOCKSTEP. THOSE, HOWEVER, USUALLY MOVE