Ardoino stressed that Bitcoin remains highly sensitive to global capital flows. A shift in investor sentiment toward major AI companies could therefore spill over into BTC price dynamics. He pointed to massive investments in data centers, computing infrastructure, and lofty expectations surrounding AI technologies as potential sources of instability if those expectations prove excessive.
At the same time, the Tether chief does not expect a repeat of sharp market collapses similar to those seen in 2018 or 2022. According to him, the growing participation of institutional players — including pension funds and government-linked entities — significantly reduces the likelihood of an 80% drawdown. Ardoino also struck a more optimistic tone on the tokenization of real-world assets, noting that bringing securities and commodities onto blockchain networks could meaningfully transform the global financial infrastructure.
Ardoino was less upbeat about Europe’s outlook. He argued that the region continues to lose its innovative momentum while attempting to regulate markets it does not yet fully understand. As an example, he cited the implementation of the MiCA regulatory framework, which has already led to the delisting of the USDT stablecoin on several trading platforms. He also expressed skepticism toward companies whose business models are built solely around holding digital assets as treasury reserves.
Meanwhile, Tether’s relationship with regulators remains strained. Over the past several years, the company has faced criticism over the transparency of its reserves and has been involved in regulatory actions in the United States, including settlements with the CFTC and the New York Attorney General’s office. Against this backdrop, some market participants view the European Union’s stricter stance under MiCA as a consistent and deliberate regulatory approach.