The Milk Road Show Tether Co-Founder: The Bitcoin Cycle Is Broken, And That’s Worse Than a Crash
Dec 12, 2025
William E. Quigley, an entrepreneur and co-founder of Tether, shares a candid outlook on the current crypto landscape. He discusses how the Bitcoin cycle has broken, leading to randomness instead of predictable patterns, warning that investors need to adapt. Quigley emphasizes the risks of the disappearing upside in crypto, and explores how investor sentiment drives market movements. He also highlights the pivotal role of stablecoins in crypto's future and criticizes the use of leverage, urging for greater transparency in the market.
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Bitcoin Cycle Pattern Has Broken
- William Quigley says the post-halving Bitcoin bull cycle failed to appear in 2024, breaking the historical pattern.
- That break moves crypto into 'random' territory where past rules no longer guide outcomes.
Crypto Tracks Markets — With More Volatility
- Quigley observes crypto now largely follows broader financial markets but with amplified volatility.
- When stocks rally, crypto gains less on the upside and loses more on the downside.
Follow Fear & Greed For Timing
- Use sentiment, like the Fear & Greed index, as a primary timing tool for crypto decisions.
- Reduce exposure above 80 and accumulate when the index is below 20.